Slate Property Group Acquires Hollywood Multifamily Property for $39M
Slate Property Group purchases 157-unit multifamily property in Hollywood for $39M.
Slate Property Group, a New York-based real estate investment and development firm, has acquired a 157-unit multifamily property in Hollywood for $39M. The property is located at 1245 Vine Street and 1665 Sycamore Avenue and was sold by Martin Nussbaum and David Schwartz.
The property, which was built in 1987, consists of two buildings with a total of 157 units. The units are a mix of one- and two-bedroom apartments and range in size from 600 to 1,000 square feet. The property also includes a fitness center, a swimming pool, and a rooftop deck with views of the Hollywood Hills.
The sale price of 39M represents a per-unit price of 248,407. This is slightly above the average per-unit price for multifamily properties in Hollywood, which is currently around $235,000.
The deal was brokered by Zac Freehling, Jason Shenitzer, and Michael Aspinwall of Pacific Partners Real Estate. The brokers represented both the buyer and the seller in the transaction.
Slate Property Group has been active in the Los Angeles market in recent years, acquiring several multifamily properties in the area. The firm has a reputation for acquiring value-add properties and implementing renovations and upgrades to increase the value of the assets.
The Hollywood multifamily market has been strong in recent years, with high demand for rental units and low vacancy rates. The area is popular with young professionals and entertainment industry workers, who are drawn to the area’s nightlife, restaurants, and proximity to major studios.
Overall, the acquisition of this Hollywood multifamily property is a strategic move for Slate Property Group, as it allows the firm to expand its presence in the Los Angeles market and capitalize on the strong demand for rental units in the area.