Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.7 million sale of Gramercy Hollywood, a 28-unit apartment property located at 1836 N. Gramercy Place in one of the most coveted neighborhoods of Hollywood.
Executive Vice President Darin Beebower with Stepp Commercial represented the seller, a Los Angeles-based private investor, and also procured the buyer, an investment firm from Los Angeles. The closing cap rate was 4.3 percent, the price per unit was $383,143, and the price per square foot was $545.
The property recently underwent a complete transformation into a best-in-class asset featuring a modern style of living with luxury amenities. Originally built in 1964, the two-story property includes five two-bedroom units, 17 one-bedroom units and 6 studios. Twenty-one units were fully renovated and include stainless steel appliances (including microwaves and dishwashers), custom designer cabinetry, quartz countertops, tiled backsplashes, wood style flooring, recessed lighting, central HVAC, custom-tiled baths and in-unit washers and dryers.
“Led by media, tech and entertainment firms such as Netflix, Hollywood has become the fastest growing employment market in Southern California. As testimony to this economic momentum and its impact on housing demand, Gramercy Hollywood sold for the highest price per square foot of any renovated property over 15 units ever in Hollywood,” said Beebower.
Gramercy Hollywood is surrounded by Hollywood’s most famous landmarks, including the Hollywood Bowl, ArcLight Cinemas, Pantages Theatre, Fonda Theater, El Capitan Theatre, Dolby Theatre, Roosevelt Hotel, and the Hollywood Walk of Fame. Hollywood’s central location, expanded transit and access options, world class entertainment and nightlife, and the expansion of companies migrating to the area all serve to drive additional demand for new developments and renovation projects. Hollywood has been attracting many young professionals seeking a walkable, urban environment near entertainment employment centers, nightlife/recreation, restaurants and public transportation.