LOS ANGELES– August 8, 2018 – Berkadia recently announced the $52 million sale of The Highland Residences, a 76-unit mid-rise multifamily property in Los Angeles. The sale marks a record setting price for mid-rise multifamily properties in the Hollywood, California submarket. Managing Director Vince Norris of Berkadia’s Los Angeles office completed the sale on behalf of the seller, a joint venture between LMC, a Lennar company, and State Farm, to the buyer, California-based Goldrich Kest. The deal closed on July 24.
“Over the course of our 45-day marketing window, we received a considerable amount of interest from not only local and national buyers but from foreign capital as well,” said Norris. “Despite rising interest rates, supply cannot keep up with demand, creating an extremely competitive market for buyers and leading to a record-breaking sale price. In the end, there were a total of nine offers from 20 tours—it was a very competitive process.”
The Highland Residences is located at 1411 N. Highland Ave. and offers studio, one-, two- and three-bedroom floor plans. Units feature quartz countertops, stainless-steel appliances, designer kitchen and bathroom fixtures, modern cabinetry, hardwood-style flooring, in-suite washers and dryers and views of the Hollywood Hills and Downtown Los Angeles. Community amenities include a rooftop deck with a swimming pool, a lounge, a fitness center, co-working office space, a pet park and lower-level outdoor amenity space with firepits, barbeques and luxurious outdoor furniture. The Highland Residences is located walking distance to numerous Hollywood landmarks and is just one block south of Sunset Blvd. The property is also walkable from the Hollywood and Highland Metro Redline Station.