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81-Unit Apartment Complex at the Epicenter of Koreatown, Silverlake, and Downtown Sells for the First Time in 30+ Years for $15.4M in Los Angeles

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Los Angeles, Calif., January 26, 2022 – Colliers facilitated the recent sale of Frostonya Apartments, a 37,675 square-foot, 81-unit multifamily complex located at 346 North Vermont Avenue. Originally built in 1927, the property has maintained its original charm from the Art Deco era while receiving renovation upgrades in plumbing, electrical, and elevator mechanics.  

The sale presented a unique opportunity for Senior Executive Vice President Kitty Wallace. The building was placed on the market for the first time in over thirty years, holding an exemption from Los Angeles rent control, and located in one of the city’s most diverse, densely populated areas. Wallace negotiated a $15,475,000 sale, representing both parties involved, wherein a Los Angeles-based investment group acquired the property from a prominent New York-based seller. The new owners are planning to execute an extensive renovation program.  

“All parties worked together to overcome environmental and probable maximum loss challenges on this ductile concrete property to get the deal closed,” commented Kitty Wallace. “The high vacancy and challenging collections due to the pandemic added to complications, but the buyer has exceptional plans to enhance the unique characteristics of the art deco building, including renovations to the existing rooftop deck, an extensive exterior patio, and grand lobby.” 

Nestled in the epicenter between Silverlake, Downtown Los Angeles, Koreatown, and Hollywood, the property is ideal for walkability, offers direct access to the 101 freeway and Beverly Boulevard, and boasts views of the city’s infamous Hollywood sign. Additional property amenities include a rare 37 parking spaces, gated entrances, a shared rooftop deck with vast views of the downtown skyline, and two unique retail spaces with 105 feet of frontage at the corner of Beverly and Vermont.  

As an authority in the multifamily market, The Kitty Wallace Team has closed more than 350 transactions, generating over $2 billion in total value. Based in Southern California, the Wallace Team specializes in investment sales of apartment buildings, land development, condominium conversions, student housing, affordable housing, and unique assets throughout California and the Western U.S. 

 

Media Contact: 
Leanne Daly 
PR & Communications Specialist | Southwest 
Leanne.Daly@colliers.com 
760-930-7941
 

 
About Colliers 
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn


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Kitty Wallace

Senior Executive Vice President

Los Angeles - Brentwood

Kitty joined Colliers International as Executive Vice President in January 2010. She was named “Los Angeles County's Number One Multifamily Agent” by Pierce-Eislen. For 15 years, Kitty has delivered impactful solutions for her clients, servicing every facet of their multifamily real estate needs – from the sale of apartment buildings and residential land developments to condominium conversions, student housing, affordable housing and special assets. Her transactions have spanned throughout Southern California and the West Coast, with a heavy focus on West Los Angeles. 

Upon entering the commercial real estate field in 1997, Kitty quickly became an expert in her market and has since consistently set and exceeded performance goals within her organizations and the industry as a whole. During her tenure with Sperry Van Ness, she ranked as the company’s #2 agent in the nation for seven years in a row. Kitty now serves as Executive Vice President for Colliers International, where she has ranked #1 in the Greater Los Angeles region since joining the company 2010.

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Leanne Daly

PR & Communications Specialist

Carlsbad

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