Northmarq brokers sale of two Los Angeles, West Hollywood low-rise apartments for a combined $15M
LOS ANGELES (Dec. 10, 2024) — Northmarq’s El Segundo, California Multifamily Investment Sales team of Brent Sprenkle and Alex Peterson successfully brokered the sale of two multifamily communities totaling 55 units. The properties include:
- 1260-1264 N. Hayworth Avenue Apartments: 40-unit multifamily community in West Hollywood.
- 7370 Hawthorn Avenue Apartments: 15-unit multifamily community in Los Angeles.
Northmarq represented the sellers, 1260 Hayworth Partners LLC and 7370 Partners LLC.
“Both properties were sold by the same owner who, after almost 40 years of owning and operating each property, decided it was time to retire,” said Sprenkle. “The properties presented enormous value-added potential as they both had drastically below market lease rates and were ready for cosmetic upgrades. Hayworth was purchased by a 1031 buyer that sold a retail property and made their first ever multifamily acquisition.”
1260-1264 N. Hayworth Avenue Apartments offers studio, one- and two-bedroom apartment homes within walking distance to the Sunset Strip, Santa Monica Boulevard and Fairfax Avenue. The 40-unit low-rise community boasts a lush courtyard setting, covered and secure parking, beautiful swimming pool and more. The 1031 exchange buyer, Phoenix Power & Light, LLC purchased the property for $10.1 million.
The 15-unit multifamily community, 7370 Hawthorn Avenue Apartments, features one- and two-bedroom apartment homes near Downtown Los Angeles and Hollywood. The low-rise apartments are within walking distance to Runyan Canyon and located between two major streets, Hollywood Boulevard and Sunset Boulevard, offering residents a short commute to Downtown Los Angeles and its prominent employers. Spot Service Station, LLC acquired the property for $4.95 million.
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