SUCCESS STORY
$600,000 Per Unit Sale in the Hollywood Hills
2016 Vista Del Mar Ave.
This dynamic partnership got the job done again. This sale is the highest per unit sale for RSO properties in Hollywood since the pandemic.
Price
$
3,600,000
City
Hollywood Hills
Current Cap Rate
5.47
%
Price P/ Unit
$
600,000
Lot Size
12,197
SF
2016 vista del mar
About the Property
2016 Vista del Mar was a meticulously-renovated boutique bungalow compound in the Hollywood Hills. The property consisted of 6 bungalow-style units that are fully renovated to the studs, and offers luxurious amenities catering to high-income renters, and a central location for living the LA lifestyle so many dream about. The property was renovated by AIH Development, a prominent Los Angeles developer bringing elevated and upscale residential design/amenities to this turnkey project. From stucco to windows, doors, roofs, water lines, sewer, electrical, and HVAC, each structure has been meticulously rebuilt with energy efficiency, longevity, and ease of maintenance in mind.
Price
$
3,600,000
City
Hollywood Hills
Current Cap Rate
5.47
%
Price P/ Unit
$
600,000
Lot Size
12,197
SF
Background
Initially listed by Courtney Pickard of Bryant\Reichling, a trusted Compass team known for their expertise in Hollywood and Northeast LA, the property had ambitious pricing goals. To maximize results, Bryant\Reichling partnered with us , building on our record-setting Silver Lake sale in 2023 - a sales record for rent-controlled fourplexes (click here for the full success story). The collaboration between Kenny Stevens Team, Bryant\Reichling, and Compass delivered unparalleled exposure for the property across Southern California's residential and multifamily markets.
Result
With its meticulous updates and premium location, 2016 Vista del Mar was bound to garner interest. Beyond traditional marketing platforms, our 2 email campaigns to approx. 18,000 investors and agents averaged approx. 6,000 opens per campaign (30% open rate) and 350 OM views (2% click rate). Ultimately, we identified the elusive 'needle in a haystack' buyer: a local investor who had been tracking the property for months. In a 1031X, the buyer sought a "hands off" investment with minimal management responsibilities. After a seamless 60-day escrow, the property sold for $3,600,000, achieving the HIGHEST PER UNIT SALE FOR RSO (RENT-STABILIZED) PROPERTIES IN HOLLYWOOD SINCE THE PANDEMIC.
