Omninet Sells Two Hollywood Multifamily Properties For $22.95 Million With Kitty Wallace As The Broker
1318 North Mansfield Avenue & 1229 North Mansfield Avenue
$22,950,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 1, 2025
AI
The multifamily properties involved in this transaction are located at 1229 & 1318 North Mansfield Avenue in the Los Angeles market. These two assets, known as Mansfield Terrace and Palms View, were sold for a combined total of $22,950,000. The properties consist of 68 units, resulting in a price per unit of $337,500. The portfolio was constructed in the late 1980s and is not subject to LA rent control.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $22,950,000
- Units: 68
- Price Per Unit: $337,500
- Seller: Omninet
- Broker: Kitty Wallace - Colliers
- Date of Transaction: 07/01/2025
- Market: Los Angeles
The properties were acquired by separate private buyers, who were drawn to the strong in-place cash flow and the long-term potential in the Hollywood market. Kitty Wallace represented the seller, Omninet, in these transactions, ensuring the properties were effectively marketed and sold.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93