$24M Hollywood multifamily deal

Asset recently renovated

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Prometheus Real Estate Group Inc. has paid $24 million to purchase the recently renovated Franklin Plaza Apartments in the Hollywood district of Los Angeles. The 80-unit property, which was sold by R.W. Selby and Co. Inc., is located at 7230 Franklin Ave. It comprises 62,972 square feet in one three-story building and is situated on a 36,634-square foot lot. Franklin Apartments features one- and two-bedroom units, and common-area amenities include a pool and spa; a fitness center with free weights, elliptical machines and treadmills; and a courtyard area with fountain. Built in 1974, the apartment community is a "luxury exempt" building, which means it is not subject to city rent control laws, according to a press statement. The sales price of $24 million represents $300,000 per unit. ...