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LOS ANGELES-Core Asset Management Group has acquired the 76-year-old Hermoyne Apartments building from an individual investor for $12 million. Broker Ron Harris of Marcus & Millichap says the deal offers significant upside for the new owner of the Hancock Park property.
Harris says the Hermoyne building, at 569 N. Rossmore Ave., occupies a prime Hancock Park location that accounts for the significant rental upside. Harris and Megan Ojena, also of Marcus & Millichap, represented both Core Asset Management Group and the buyer.
Harris points out that the historic Hermoyne property, built in 1929, occupies a location in a neighborhood filled with other high-end apartment complexes and condominiums, along with the multimillion-dollar estates that comprise much of Hancock Park. The seven-story Hermoyne building, with 75,692 rentable sf, features a wood-paneled entry lobby, beam ceilings, a lounge, a front desk, a manager's office, a mailbox area and a laundry room.
The 70 Hermoyne apartments include 13 bachelor units ranging from 275 sf to 460 sf, 23 single units ranging from 370 sf to 725 sf, 28 one-bedroom units ranging from 980 sf to 1,585 sf and six two-bedroom units of 1,600 sf.
Other features of the property include 24 uncovered gated parking spaces and 32 subterranean parking spaces and a swimming pool. Most units have nine-foot ceilings and large walk-in closets, and all first-floor units have 12-foot ceilings.
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