The Real Deal Los Angeles

Equity Residential buys Hollywood residential complex for $98M

Prometheus Real Estate Group sold 298-unit complex

April 26, 2016 02:00PM
By Cathaleen Chen

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1710 North Fuller Avenue (credit: Google Earth)

1710 North Fuller Avenue (credit: Google Earth)

Chicago-based real estate investment trust Equity Residential recently acquired a 298-unit apartment complex in Hollywood for $98 million, or $328,859 per unit, The Real Deal has learned.

The building, dubbed Vantage, is located at 1710 North Fuller Avenue. The seller was Prometheus Real Estate Group. Both parties were represented by brokerage firm HFF in the transaction.

The 164,056-square-foot property underwent interior renovations, including upgrades to its common area, under Prometheus’ ownership, a spokesperson for HFF said. The San Francisco developer purchased it in 2007 for $86 million, according to property records.

At the time of Equity’s purchase, 95 percent of Vantage was leased.

Equity owns properties across the U.S., and has in recent years shifted its focus from suburban assets to residences in more urban areas. In late January, it closed its sale of a massive, 23,000-unit residential portfolio for nearly $5.4 billion to Barry Sternlicht’s Starwood Capital Group.

Prometheus specializes in multifamily residences in San Francisco, Seattle and Portland. The firm is on selling streak in Southern California. Earlier this year, it sold a 391-unit apartment portfolio in Thousand Oaks for $126.5 million to mega-landlord Decron Properties.

Neither Equity nor Prometheus immediately responded to requests for comment.