2016 Vista Del Mar Avenue
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- 2016 Vista Del Mar Avenue
2016 Vista Del Mar Avenue came to market with strong fundamentals, extensive renovation work, and pricing that reflected the level of capital invested into the property. The challenge was finding the right investor who understood both the quality of the upgrades and the long-term value of a rent-stabilized bungalow compound in the Hollywood Hills.
Background
2016 Vista Del Mar Avenue is a six-unit bungalow-style multifamily property located in the Hollywood Hills. The property is comprised of detached and semi-detached residences arranged as a small compound, offering privacy and separation that appeal to higher-income renters seeking a residential living environment close to Hollywood and West Hollywood.
The renovation was completed by AIH Development, a Los Angeles-based developer with a track record of delivering high-quality residential product. The scope of work went well beyond cosmetic upgrades, with major systems including roofing, plumbing, sewer lines, electrical, HVAC, windows, doors, and exterior finishes all replaced. The result was a turnkey asset designed to limit near-term maintenance and provide long-term durability.
The property was initially listed by Courtney Pickard of Bryant\Reichling, a Compass-affiliated group known for its work in Hollywood and Northeast Los Angeles. Given the pricing and the specific buyer profile required for a fully renovated rent-stabilized asset, Courtney partnered with Max to expand exposure across both residential and multifamily investor audiences, building on prior collaboration and familiarity with high-end RSO product.
Challenge
Interest was strongest from buyers who understood the appeal of bungalow-style properties and were comfortable underwriting rent-stabilized assets at the upper end of the market. The eventual buyer was a local investor completing a 1031 exchange who had been tracking the property for several months and was specifically seeking a hands-off acquisition with limited management demands.
After a smooth 60-day escrow, the property closed at a sale price of $3,600,000, equating to $600,000 per unit. The transaction marked the highest per-unit price achieved for a rent-stabilized multifamily property in Hollywood since the pandemic. The outcome reinforced that even in a more measured market, well-executed properties with clear buyer alignment can still achieve strong results.
Result
Despite these headwinds, Max and Joe maintained disciplined positioning and continued targeted outreach to exchange buyers familiar with Silver Lake fundamentals and comfortable underwriting renovated RSO product. That approach ultimately identified a qualified 1031 exchange buyer who understood both the in-place income and the long-term value of the ADU approvals.
The transaction closed at a sale price of $2,900,000, equating to $725,000 per unit. The sale established a new record for rent-controlled fourplex pricing in the 90026 ZIP code. The outcome underscored the importance of buyer alignment, patience, and local market credibility when pursuing premium pricing in a volatile environment.
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