California Landmark Group (CLG) is letting go of an 84-unit multifamily community in Hollywood.
The West Los Angeles-based company sold the apartment building named LC by CLG for $46.5 million, or about $553,571 per unit, CBRE announced. A private partnership formed by Harrison Yale Hurst and Richard Rosin of Santa Barbara-based H&R Investments acquired the property.
Located at 710 North El Centro Avenue, LC by CLG is adjacent to the historic Paramount Studios, just north of the Larchmont Village neighborhood.
“The growth in the area has led to extraordinarily tight rental markets with occupancies averaging over 97 percent and average market rents increasing more than 4 percent annually on average over the last 10 years,” CBRE’s Stewart Weston said in a statement.