LOS ANGELES, CA, March 8, 2013 – Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has the exclusive listing for Sunset
Vine Tower, a 20-story 64-unit mixed-use high-rise with nine-story-high
super-graphic billboard signage on all four sides of the building and 11,512
square feet of ground floor retail/restaurant space.
Sunset Vine Tower is located on one of Los Angeles’s most
prestigious and highly trafficked intersections, the southeast corner of Sunset
Boulevard and Vine Street. The property is available on an open-bid basis.
IPA
executive vice presidents investments Greg Harris and Ron Harris,
along with IPA directors Kevin Green, Joseph Grabiec and Joseph
Smolen are representing the seller, a Los Angeles-based fund advisor.
“Sunset
Vine Tower is one of the marquee apartment properties in Los Angeles, and also
one of its most recognizable buildings,” says Greg Harris. “The striking
all-glass exterior and high-end unit finishes create an unbeatable combination
of modernist design and classic luxury.”
“As the preeminent luxury community in Hollywood, Sunset
Vine Tower is positioned to experience sustained and consistent rent growth
over the coming market cycle,” adds Ron Harris. “Also, an existing tentative condominium tract map for the
property sets the stage for a potential condominium exit strategy.”
 |
| Greg Harris |
Sunset Vine Tower is located in the heart of Hollywood at
1408 Vine St.
The Hollywood Palladium, Sunset Gower Studios and ArcLight
Cinerama Dome are across the street, and the Pantages Theatre, Capitol Records,
the Hollywood W hotel, and the Hollywood Roosevelt hotel are a few blocks away.
The El Capitan Theatre, Dolby Theatre, the TCL Chinese Theatre and the
Hollywood & Highland Center are also within walking distance.
 |
| Ronald Harris |
The property’s apartment mix features 38
one-bedroom/one-bath apartments, 18 one-bedroom/two-bath units, four
two-bedroom/two-bath units and four two-bedroom/2.5-bath apartments.
The interiors feature 13.5-foot floor-to-ceiling windows
with ocean, city, mountain, and Hollywood sign views, gourmet kitchens with
stainless steel appliances, maple hardwood flooring, in-home washer/dryer,
central air conditioning and heating, and secure parking.
 |
| Kevin Green |
Sunset Vine Tower’s community amenities include a
resort-style swimming pool, a 24-hour state-of-the-art-fitness center,
key-access elevators, a 24-hour courtesy patrol and on-site concierge service.
To complement its 297-foot tall stature, the tower has a
billboard on each side of the building. Each one measures 36 feet wide by 140
feet high. To minimize the obstruction of views from the residential units and
to create privacy, the billboards have been placed primarily between stairwells,
bathrooms and bedrooms.
Sunset Vine Tower’s retail spaces are currently 100 percent
leased to Go Burger, The Melt, Tender Greens and Chipotle Mexican Grill.
Contact:
Ben Johnson,
Marketing Director
(925) 953-1736
