NAI Capital’s Multifamily Services Group sold the Olympic Residential Hotel in DTLA for $12M, or $69,364/unit, to James Tuggle, a private investor.
The four-story building, which dates back to the 1920s, was originally used as a hotel, but was converted into apartments three years ago.
The 172 micro-apartment unit building is at 725 South Westlake Ave. It has 5k SF of ground-level retail space, Multi-Housing News reports.
NAI Capital VP Ziv Kozaski and VP Michael Dixon repped the seller, Olympic Hotel LLC.
The seller owned the property for 16 years. [MHN]
