February 25, 2020
Marcus & Millichap’s Institutional Property Advisors (MMI) has completed the sale of a 78-unit apartment building in L.A.’s storied Hancock Park neighborhood for $29 million, or $371,794 per unit.
Located at 410 N. Rossmore, the property was constructed in 1930 and is across the street from the Wilshire Country Club. It is one of only 19 properties having 50 units or greater in the historic neighborhood.
The property is near Larchmont Village, Hollywood, Melrose Avenue, Paramount Studios, and approximately 100 million square feet of office space regionally.
According to MMI’s Kevin Green, “This was an extremely rare sale and an even more rare investment opportunity. Never renovated and under the same ownership for over 40 years, the building delivered a one-of-a-kind investment.”
MMI’s Green, Joseph Grabiec, Tyler Leeson, and Greg Harris represented the seller, an Orange County-based private family, and procured the buyer, a joint venture between Domos and ESI Ventures.
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Tags: Acquisition, Apartments & Multifamily, Broker, Housing, Sale
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