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North L.A. Multifamily Attracts Investors

LOS ANGELES—Two separate buyers purchase three multifamily properties, including one new construction property in North Los Angeles, with a combined 141 units for a total of $34 million, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on September 15, 2014

LOS ANGELES—Two separate investors have purchased three multifamily properties in West and North Los Angeles for a total of $34 million, GlobeSt.com has learned exclusively. A private investor purchased two of the apartment properties, which have a total of 101 units, from Dornin Investment Group. Gemland Properties LP purchased the third property, a new construction condo development with 40 units, from 5845 Carlton Way Partners LLC.

Located at 5845 Carlton Way in Hollywood, the condo development was completely vacant at the time of the sale. The transaction included a tract map so the Gemland Properties can sell the 40 units individually. Attracted to the property’s location in the heart of Hollywood as well as its high-end finishes, the buyer purchased the property for $21.3 million, or $531,500 per unit. Chris Malcolm of Berkadia‘s North Los Angeles office negotiated the sale.

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