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| 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.
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| 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.
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| 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.”
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| 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
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