Xenon Investment Corp. purchased the property at 1635-1639 N. Martel Ave. in Hollywood from a trust.
Keller Williams Commercial’s Matthew Kanner represented the seller and the buyer in the transaction.
Built in 1972, the four-story building has an open-air courtyard, a pool and 105 parking spaces. It holds 39 one-bedroom units and 21 two-bedroom units, with an average size of 1,100 square feet.
“We marketed this property both on a local and national level to the multifamily investment community. The bid process yielded multiple offers with the strongest offers coming from 1031 exchange buyers seeking large, well-located, value-add opportunities,” Kanner said in a statement. “The new ownership, Xenon Investment Corp., is an experienced owner of assets in the L.A. area.”
There have been some notable multifamily sales in L.A. lately. In March, Brentwood-
based JRK Property Holdings Inc. announced it had acquired the 164-unit Harrison Glendale for $90.7 million.
The property, which was built in 2018, is located at 318 W. Wilson Ave. It was 96% leased at the time of closing, according to JRK.
Also, an eight-property multifamily portfolio with a total of 212 units on the Westside recently sold for $72.7 million. The portfolio is known as the Westside Collection.
One of the largest deals was the Cordova Park Apartment Homes and the Sienna Heights Apartment Homes in Lancaster, which Afton Properties purchased from Blackstone Group Inc. for a combined $145 million. The properties have 730 units.
And in West Hollywood, JPMorgan Chase & Co. purchased Angelene at 915 N. La Brea for nearly $125 million from Holland Partner Group.
