The Real Deal Los Angeles

Prometheus sells another large Hollywood residential complex

MLT Properties purchased the 80-unit Franklin Plaza for $30.5 million

April 29, 2016 03:30PM
By Cathaleen Chen

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7230 Franklin Avenue (credit: Google Earth)

7230 Franklin Avenue (credit: Google Earth)

It must be spring cleaning for Prometheus Real Estate Group.

The West Coast company sold the 80-unit Franklin Plaza in Hollywood last month for $30.5 million — just one day after its $98 million sale of another complex in the neighborhood, The Real Deal has learned.

At 7230 Franklin Avenue, the apartment building was purchased by MLT Properties, a local multifamily landlord spearheaded by Thomas Yu and May Ling Yu. CoStar lists HFF as the listing broker.

The 70,233-square-foot property was on the market for 191 days, according to CoStar.

HFF declined to comment, and neither the seller nor buyer could immediately be reached.

Prometheus, a firm with multifamily residences in San Francisco, Seattle and Portland, made a significant profit on the property it purchased in 2007 for $24 million. Last month, it sold the Vantage at 1710 North Fuller Avenue for $98 million to Equity Residential. And earlier this year, it sold a 391-unit apartment portfolio in Thousand Oaks for $126.5 million to Decron Properties.

CoStar records show that MLT owns over a dozen multifamily residences in the L.A. area — mostly in West Hollywood —including the 104-unit Los Feliz Plaza at 3949 Los Feliz Boulevard.