Hannah Madans Welk | LA Business Journal — The Franklin Park Apartments, a 75-unit apartment building in Hollywood, has sold for $22 million.
The property is located at 6615 Franklin Ave. and was built in 1962.
Amenities at the Franklin Park Apartments include a swimming pool, a parking garage with electric charging stations and a courtyard.
The building had 21 vacant units at the time of the sale, according to brokerage Marcus & Millichap Inc.
Marcus & Millichap’s Rick Raymundo and Shane McConnell represented the seller, a family, and found the buyer. Coda Equities purchased the building, according to CoStar Group Inc.
“Regardless of concerns about higher-than-average vacancy rates and softening rents throughout Hollywood, we were able to generate 40 buyer tours and secure 17 competing offers for Franklin Park Apartments,” Raymundo said in a statement. “Most investors saw a valuable opportunity in the fact that the asset was so well maintained yet still offered the chance to upgrade and modernize the apartments.”
McConnell said there were many interested buyers.
