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Olympus Property Acquires W. Hollywood Apartment Complex
The Irvine, CA office of Berkadia Institutional Solutions has completed the sale of Angelene, a 179-unit multifamily community located in the West Hollywood submarket of Los Angeles. Texas-based Olympus Property acquired the complex from JP Morgan Asset Management for an undisclosed amount.
“Angelene offers Olympus Property with a newer vintage asset in one of LA’s most supply-constrained submarkets,” said Berkadia Managing Director Derrek Ostrzyzek, who represented the seller along with Tom Moran, Rachel Parsons and Mike Murphy. “Combining strong property level operations, an expiring eviction moratorium and a submarket that is on a patch of accelerated growth, Angelene offers the potential for strong and stable returns.”
Located at 915 North La Brea Ave., Angelene offers studio, one- and two-bedroom units averaging 874 square feet. Community amenities include an expansive pool deck, fire pits a fitness center and clubhouse, plus the complex also includes a 33,000-square-foot Sprouts Farmers Market.
- ◦Sale/Acquisition
