Rockpoint Group snags East Hollywood apartments for $34.3M

Seller SKS Trading Company owned building for more than 2 decades

Mar.March 06, 2017 01:00 PM

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.

Related Articles

Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd

Rockpoint closes on $303M deal for Miracle Mile office tower

Clarion CEO David Gilbert, Rockpoint co-founders Keith Gelb and Bill Walton, and one of Rockpoint’s Torrance properties (Credit: iStock)

Clarion Partners pays $126M for Torrance multifamily portfolio

Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd

Rockpoint Group buying 5900 Wilshire for $310M: sources

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home