Boston-based real estate investment firm Rockpoint Group acquired an East Hollywood apartment building for $34.3 million in an off-market transaction, sources told The Real Deal.
Seller SKS Trading Company purchased the property in 1995 for $5 million, according to property records.
The 94-unit property, at 4150 Marathon Street, is not subject to rent control and is comprised entirely of two bedroom, two bathroom units, each of which comes with two parking spaces.
David Regalado and Zac Freehling of Pacific Partners Real Estate Investments represented the buyer and seller.
Freehling said the investment has plenty of upside for Rockpoint because of the building’s free-market status.
“[It] allows the buyer to come in and raise rents to market rate without having the hurdles of rent control,” he said.
The purchase adds to Rockpoint’s Los Angeles portfolio of roughly 15 multifamily properties, mainly in the San Fernando Valley, according to the firm.