Sale of East Hollywood Affordable Entailed Three Separate Government Approvals
The LAAA Team of Marcus & Millichap closed on the sale of 1536 N Serrano Ave, a 42-unit LIHTC community in East Hollywood, for $7,600,000. The team noted that three separate government approvals, a 166-day escrow and coordination across 15-plus parties were required to bring the deal to close.
Among these approvals was a sign-off from the California Tax Credit Allocation Committee (TCAC). The property management team corrected compliance findings before TCAC issued a closeout letter clearing the ownership transfer in January 2026.
The team guided the buyer through the affordable housing exemption for LA’s transfer tax, providing eligibility guidelines and sample approval letters from prior deals. Both the TCAC and Measure ULA approvals were granted on the same day. The sale process also involved securing agency financing.
“After analyzing the buyer pool, we recommended splitting the two properties into separate listings rather than selling them as a portfolio,” according to the LAAA Team’s Glen Scher and Filup Niculete. “Each property had a distinct regulatory profile, and the buyers most interested in a 42-unit building in East Hollywood were not the same buyers who would target a property in the West Valley.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout