Private Investor Sells Mixed-Use Property On Hollywood Blvd To Unknown Buyer For $46M

The Gershwin Apartments, a landmark mixed-use property located at 5533 Hollywood Blvd in Los Angeles' Hollywood neighborhood, was acquired by a local development, management, and investment firm in an all-cash transaction for $46 million. Built during the 1920s, this five-story building was originally known as the St. Francis Hotel and has since been renovated into a mixed-use asset with 163 residential units, nine neighboring bungalows, a 17,000-square-foot surface parking lot, and 10,565 square feet of ground-floor retail space. The property offers a mix of residential layouts, ranging from micro lofts with kitchenettes to two-bedroom bungalows with private yards. Notably, 119 of the units have undergone complete renovations.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $46,000,000.00
• Address: 5533 Hollywood Blvd, Los Angeles
• Market: Los Angeles

Kitty Wallace of Colliers International played a significant role in the transaction, representing both the buyer and seller. The buyer, a local development, management, and investment firm, engaged in this acquisition through an all-cash deal facilitated by Kitty Wallace. The seller in this transaction was a private real estate investment company. The historical significance of the property as the former St. Francis Hotel adds to the charm of this mixed-use asset in Los Angeles.