Private Investor Acquires MultiFamily Asset On Hollywood BLVD In Los Angeles For $46M

The Gershwin Apartments, a Hollywood landmark property located at 5533 Hollywood Blvd., recently changed ownership in a transaction between two private investors. The property, originally built in the 1920s as a hotel and later converted into a mixed-use apartment complex with ground floor retail, consists of 172 apartment units. The sale price for this multifamily asset was $46,000,000.00, underscoring the robust demand for multifamily investment opportunities in Hollywood.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $46,000,000.00
• Address: 5533 Hollywood Blvd, Los Angeles, CA
• Market: Los Angeles

Kitty Wallace from Colliers International represented the buyer, a Private Investor, in this real estate deal. The buyer intends to renovate and enhance the property following the acquisition, highlighting the investor's plans for modernization and improvement of the Gershwin Apartments.