LOS ANGELES, CA – ROM Investments, a private investment firm focused on acquiring value-added multifamily and mixed-use properties in Los Angeles County, has acquired a 42 unit multifamily community located at 1400 North Edgemont Street in Hollywood for $9,800,000. Ron Harris, Paul Darrow, and Michael DiSimone of Marcus & Millichap advised the both the seller, BP Edgemont LLC, and ROM.
“The property fits smoothly into our Hollywood portfolio,” said Leeor Maciborski, managing partner of ROM. “We continue to seek product in areas where have the operational synergies to make historically low cap rates work.”
This is ROM’s seventh acquisition in the area in two years.
Built in 1988, 1400 Edgemont is located at the crossroads of Silver Lake, Los Feliz, and Hollywood, and is walking access to the Sunset/Vermont Redline Station and three local hospitals. The community features a mix of studios, one bedroom, and two bedroom units with rents ranging from $1,200 to $1,900.
About ROM Investment
Based in Hollywood, ROM Investments, Inc is a private investment firm focused on acquisition, management, and development of multifamily, retail, and mixed-use product. The firm targets value-added opportunities in Los Angeles with a particular focus on Greater Hollywood. They operate approximately 1,000 apartment units and 700,000 square feet of commercial space. For more information, please visit www.rominvestments.com.