7230 Franklin Avenue (credit: Google Earth)
It must be spring cleaning for Prometheus Real Estate Group.
The West Coast company sold the 80-unit Franklin Plaza in Hollywood last month for $30.5 million — just one day after its $98 million sale of another complex in the neighborhood, The Real Deal has learned.
At 7230 Franklin Avenue, the apartment building was purchased by MLT Properties, a local multifamily landlord spearheaded by Thomas Yu and May Ling Yu. CoStar lists HFF as the listing broker.
The 70,233-square-foot property was on the market for 191 days, according to CoStar.
HFF declined to comment, and neither the seller nor buyer could immediately be reached.
Prometheus, a firm with multifamily residences in San Francisco, Seattle and Portland, made a significant profit on the property it purchased in 2007 for $24 million. Last month, it sold the Vantage at 1710 North Fuller Avenue for $98 million to Equity Residential. And earlier this year, it sold a 391-unit apartment portfolio in Thousand Oaks for $126.5 million to Decron Properties.
CoStar records show that MLT owns over a dozen multifamily residences in the L.A. area — mostly in West Hollywood —including the 104-unit Los Feliz Plaza at 3949 Los Feliz Boulevard.