Hollywood Apartment Complex Sells for $22 Million


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.

“Given the activity we were able to generate for our clients, a number of buyers were prepared to move forward without any inspection contingencies and purchase the property in ‘as-is’ condition,” he said in a statement. “The eventual purchaser closed without any contingencies, released a large deposit to the sellers at the opening of escrow, and expedited the escrow period.”

There have been other notable multifamily sales this year. Most recently, an affiliate of Green Cities Co. purchased the 61-unit Estelle in Mid-Wilshire for $55 million from Canfield Development Inc.

Earlier this year, the 93-unit Olive DTLA sold for $121 million. Waterton purchased the property at 1243 S. Olive St. from Wolff Co.

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