Investment Real Estate Associates of Encino has closed the sale of a three-story, 16-unit multi-family property at 6900 Bonita Terrace in Hollywood for $10.1 million, $632,000 per unit or $568 per square foot.

IREA partners Jonathan Krikorian, Clark Everitt and William Everitt represented both the buyer and the seller in the deal, local private investors, according to an IREA statement.

The property, a Spanish colonial-style building built in 2014, is located near the Hollywood & Highland complex, the 101 freeway and the Magic Castle and offers views of the Los Angeles basin.

Prior to this sale, it was last sold in 2015 for $7.6 million to Tangible Management Inc. of Woodland Hills, according to CoStar Group Inc.