HOLLYWOOD, CA—An unnamed private investor has purchased the historic Whitley Heights apartment complex from Wilshire Skyline. Located at 1944 Whitley Ave., in the Hollywood submarket of Los Angeles, the four-story property has 34 total units and 29,447 square feet of rentable living space.

“We moved quickly on it. The client was in an exchange and needed to close by a certain date, and we were able to find a buyer that was able to accommodate him,” Tony Azzi, of Azzi Advisors, an affiliate of Marcus & Millichap, tells GlobeSt.com. “The lender also worked with us to get the job done on time. From start to finish, we put the deal in escrow under non-contention in 72 hours.” 

The marketing process drew strong interest from potential buyers, eventually leading to seven offers. Azzi had worked previously with one of the buyers, and knew that he would be able to meet the strict timing deadlines that they had. “This particular buyer is well-qualified, and was comfortable to release contingency. We were able to move quickly while being comfortable with the situation,” says Azzi.   

This property was recently renovated with upgraded building features, including new rooftop, elevator, copper plumbing, and updated interior features, including granite countertops. The interior units have an average size of 866 square feet, and have balconies with views of the Hollywood sign. “The property is located in Whitley Heights, and not many properties become available on the market up there,” says Azzi. “We sold one property next door to it a year ago. It is a great residential neighborhood with mostly families up in the hills. Secondly, the Hollywood and L.A. market is very hot, and anything in that size range is going to attract a lot of investor attention.”

Investors have been upgrading properties across sectors in the Hollywood submarket. Recently, KFA unveiled renovations that repositioned the historic Taft Building into a creative office property.