Robhana Group Inc has acquired The Cove Apartments, a 42-unit multifamily property in LA’s Los Feliz community, for $11.15 mil ($265k/unit) in an off-market transaction. Robhana views the asset as a value-add opportunity.
Built in 1973, the 48.3k sf residential property is located at 2041 N. Commonwealth Ave, at the intersection of North Commonwealth and Price St. The Cove Apartments contains three floors and was fully occupied at the time of sale. It is strategically located one block from the major retail thoroughfare of Hillhurst Ave.
Zac Freehling with Coldwell Banker represented the buyer and the seller, Silverlake Limited Partnership, in the transaction. Robhana principals, Robert Hanasab and Robin Hanasab, also oversaw the deal from the buyer side.
Based in downtown Los Angeles, Robhana Group is a privately held real estate investment firm that acquires, finances, develops and manages value-add and opportunistic office, retail, multi-family, industrial and mixed-use properties in the Western United States.