Annlee Ellingson | L.A. Business First — Franklin Park Apartments in the Los Angeles neighborhood of Hollywood Hills has sold for $22 million.
The sale price for the four-story, 75-unit apartment building with 65,746 rentable square feet amounted to $293,333 per unit and $334 per square foot.
Built in 1962, the building features a swimming pool, parking garage with electric car charging stations, onsite laundry facilities and a quiet courtyard.
Located at 6615 Franklin Ave. between Highland Ave. and Cahuenga Blvd., Franklin Park Apartments lies within walking distance of the Hollywood Bowl and the John Anson Ford Theatre, and is near Runyon Canyon, Griffith Park and the Hollywood sign, as well as the Hollywood Wax Museum, Hollywood Pantages Theatre and Universal City.
The building had 21 vacancies at the time of the sale.
“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,” said Rick Raymundo of Marcus & Millichap Inc., which orchestrated the sale. “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.”…
