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78-Unit Hollywood Apartments Fetch $10.6M

HOLLYWOOD, CA-A Phoenix-based partnership buys the 15-year-old property from Newport Beach, Calif. investors who had held it since early 2001. The new owners plan upgrades of the property, which was 95% occupied at the time of the sale.

By Bob Howard | Updated on August 12, 2002

HOLLYWOOD, CA-A Phoenix-based private partnership acquired the 78-unit Sycamore Villas apartment complex at 1320-21 N. Sycamore St. in Hollywood from Newport Properties LLC of Newport Beach, Calif. for $10.6 million. The sales price reflected a gross rent multiplier of 10, according to Melinda Russell of Hendricks & Partners, who represented the buyer and the seller.

Sycamore Villas was built in 1987 and consists of two 39-unit twin buildings, about a block east of La Brea Avenue and north of Fountain Avenue. Newport Properties bought the complex in early 2001 and rehabbed more than half of the units. The property includes 30 one-bedroom units, 36 two-bedroom units, and 12 singles, built of wood frame stucco over two levels of parking.

Russell says the new owners plan further upgrades of the property, which was 95% occupied at the time of the sale. The complex includes a spa and a gym, security at the entry, secure underground parking, and views of the Hollywood Hills and Downtown L.A.

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