Massie Capital Management LLC acquired The Gershwin Apartments at 5533 Hollywood Blvd. in Los Angeles, CA for $25.25 million, or about $155,000 per unit, from CIM Group LP.
The 164-unit multifamily building totals 95,262 square feet, including 10,565 square feet of retail space on the ground floor. The asset was 98 percent occupied at the time of sale.
Ron Harris, Greg Harris, Paul Darrow, Michael DiSimone, Kevin Green, and Joseph Grabiec with Institutional Property Advisors (IPA) represented both the seller and buyer in the sale.