Los Angeles’ multifamily market has performed well over the last several quarters, with property owners testing their confidence in the market by placing properties up for sale. One recent asset to recently be placed on the market is Hollywood View Towers, a two-building property located along Hollywood Boulevard. According to the marketing brochure from Remax Commercial & Investment Realty’s Taska Investment Group, the property is being offered at $23 million, or about $522,727 per unit.
The buildings are located at 5718 and 5728 Hollywood Blvd. and consist of 44 units. Public records show that the property last traded in 2008, when it was acquired for $12 million, or approximately $272,727 per unit, by an entity tied to Empire USA, a Los Angeles-based investment and management firm.
The property was initially constructed in 2005 and includes three levels of apartments and three retail spaces spread across 48,752 square feet on the ground floor. Of the total residential space, the property includes a mix of one-, two- and three-bedroom units.
The property also contains various onsite amenities, including a rooftop cabana, laundry facilities, assigned garage parking and more.
The property is also situated within close proximity to various offsite shopping, dining and entertainment amenities as well as easy access to public transportation.
The surrounding area has also seen a number of similar properties trade hands. During the fourth quarter of 2022, for instance, a family trust affiliated with Valeriy Karakenyan of Glendale, acquired two apartment properties totaling 85 units for $38 million, or $447,059 per unit. The properties were sold by HEV Holdings LLC and consisted of the 41-unit LA1440 and the 45-unit LA1446. The properties are located at 1440 Gordon St. and 1446 Tamarind Ave., respectively.
