LOS ANGELES, CA– Colliers International, the second largest real estate services firm globally, has completed the sale of a 25-unit hotel located at 7160 W. Sunset Blvd. (top left photo) and an eight unit apartment building located 1442 N. Formosa Ave., both in Hollywood, Calif. to Step Up on Second, a nonprofit organization providing psychosocial rehabilitation and support to people affected by severe and persistent mental illness.
The total transaction is valued at $3.85 million.
Both properties, built in 1954, underwent renovations from 2003 to 2007. The two-story, 25-unit hotel, includes a small vacant retail space on the ground floor.
“The property will now be called ’Michael’s Village’ and will house 30 formerly homeless individuals affected by mental illness through the Step Up on Second organization,” said Kathleen A. Silver, CCIM, senior vice president, based in Colliers International’s Downtown Los Angeles office, who represented the seller, Patel Family Trust, in the transaction.
Along with Silver, Kay Thorpe of Colliers International’s DTLA office, represented the seller. The buyer was represented by Bailes and Associates, Inc.
Media Contacts:
Megan Morales, Marketing & PR Coordinator, Greater Los Angeles, Colliers International,Tel: 949 724 5537
Angela S. Hwang
Regional Marketing Coordinator
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
No comments:
Post a Comment