Two-Building Mixed-Use Portfolio Changes Hands in Los Angeles, CA

Guardian Arms Apartments, Los Angeles, CA

 LOS ANGELES, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a two-building mixed-use portfolio well positioned in the upward trending area between Hollywood and Los Feliz in Los Angeles.

 The two buildings are the Guardian Arms Apartments, a seven-story 90-unit apartment building with four retail spaces on the ground level, and an adjacent four-story mixed-use asset with 11 apartments and five ground-floor retail units.  

Richard Ringer

The buildings are located at 5217-5233 Hollywood Boulevard. The terms of the sale were not disclosed.

            Richard Ringer, a first vice president investments in the firm’s West Los Angeles office, represented the seller, a private partnership, and the buyer, M West Holdings LLC, a vertically integrated private real estate investment company.

Jake Roberts and Anita Roberts, both vice presidents capital markets in Marcus & Millichap Capital Corporation’s (MMCC) West Los Angeles office, arranged the financing.

Jake Roberts

            “Guardian Arms Apartments is a ‘character building’ with a grand lobby, polished concrete and marble floors, art-deco style units, 180-degree unobstructed views of  the Hollywood sign, Griffith Park Observatory and the downtown skyline, and a prestigious Hollywood Boulevard address,” says Ringer. 

“The new owner is in an excellent position to realize rental upsides through unit turns and stronger management, and may apply for reduced real estate taxes under the Mills Act property tax abatement program.”

Los Angeles skyline

The two contiguous properties were built in the late 1920s on a lot totaling 44,998 square feet with 100 feet of boulevard frontage.

 The total unit mix for the two buildings is 21 “bachelor” apartments without kitchens, 52 studios with kitchens, 28 one-bedroom/one-bath apartments and nine retail spaces

For a complete copy of the company’s news release, please contact:  

Ben Johnson,

Marketing Director

(925) 953-1736