Updated Oct 29, 2024
Canyon Partners Acquires Multi-Family Property In Hollywood For $30M
5640 Santa Monica Boulevard, Los Angeles, CA, USA
$30,000,000
$520/SF
Building Size
57,664 SF
Asset Type
MultiFamily
Closing
Jun 6, 2018
About this deal
AI
The multi-family property located at 5640 Santa Monica Boulevard in Hollywood, Los Angeles has been sold in a closed transaction. The property consists of 177 units and was sold for approximately $30,000,000.
Summary of Transation Details
- Property Type: Multi-Family
- Transaction Amount: $30,000,000 (approx.)
- Units: 177
The seller of the property was Timberlane Partners, while the buyer was Canyon Partners represented by Joshua Friedman and Mitchell Julis, along with CIT Bank. CIT's Real Estate Finance business provided a $20.4 million senior loan to fund the acquisition and future capital improvements.
It is reported that the companies involved in the transaction have plans to create an outdoor community space and expand the ground floor retail options of the property.
Source: Instagram
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93