In a real estate transaction that highlights the continued strength of Los Angeles’ premium multifamily market, Friedkin Property Group has completed the acquisition of Le Belle Hollywood Tower from LaSalle Investment Management for $52.15 million. The deal represents one of the notable multifamily property transactions in the Hollywood district this quarter.
Located at 6138 Franklin Avenue, Le Belle Hollywood Tower comprises 146 residential units, translating to a price per unit of approximately $357,192, according to Traded. The 2010-constructed property features a mix of studio, one-bedroom, and two-bedroom apartments, complemented by resort-style amenities that cater to the luxury segment of Los Angeles’ rental market.
For Friedkin Property Group, this acquisition aligns with its strategy of expanding its portfolio with high-quality multifamily properties in key metropolitan markets. The company has been actively strengthening its West Coast presence, with this Hollywood acquisition representing a significant addition to its Los Angeles holdings.
This transaction may signal continued institutional interest in premium multifamily properties despite higher interest rates and economic uncertainties. The price per unit of over $357,000 demonstrates that well-maintained, amenity-rich properties in prime locations continue to command strong valuations.
Kidder Mathews, which brokered the deal, highlighted that properties like Le Belle Hollywood Tower, with its modern construction (2010) and comprehensive amenity package, remain attractive investment targets in the competitive Los Angeles market. The brokerage firm played an instrumental role in facilitating this significant transaction between the institutional players.
Le Belle Hollywood Tower stands out in the Hollywood residential landscape with its distinctive architecture and comprehensive amenity package. Residents enjoy access to the resort-style swimming pool and sun deck, a fully equipped fitness center, a resident lounge, and entertainment spaces, secured parking facilities, and professional on-site management. The property’s location provides convenient access to Hollywood’s entertainment district, dining establishments, and cultural landmarks, enhancing its appeal to young professionals and entertainment industry workers.
According to Kidder Mathews’ Q1 2025 Los Angeles Multifamily Report, the market continues to show positive momentum with improving fundamentals. The vacancy rate stands at 4.7 percent, a 20 basis point improvement from 4.9 percent in Q1 2024, while average asking rents have increased slightly by 0.85 percent year-over-year to $2,262. The market has experienced strong absorption with 4,175 units absorbed in Q1 2025, representing a substantial 68.55 percent increase from the same period last year. New construction deliveries have also accelerated, with 3,462 units completed in Q1, a 32.64 percent increase year-over-year.
The average sales price per unit across the Los Angeles market is $296,016, reflecting a slight decrease of 2.55 percent from Q1 2024. At $357,192 per unit, the Le Belle Hollywood Tower transaction significantly exceeds this market average, positioning it as a premium acquisition. Other significant transactions in Q1 2025 include Chaparral Apartments in Outlying LA County with 296 units sold for $71 million ($239,865/unit), Highridge Apartments in Rancho Palos Verdes with 257 units sold for $127 million ($494,163/unit), Vinz on Fairfax in Beverly Grove with 144 units sold for $68.42 million ($475,149/unit), and Pasadena Gateway Villas in Downtown Pasadena with 140 units sold for $60 million ($428,571/unit).
Currently, there are 26,834 units under construction across the Los Angeles market, representing a 17.52 percent decrease from Q1 2024. The largest projects under construction include 5035 Coliseum in Crenshaw (800 units), Alexan West End in Downtown Long Beach (750 units), and 5420 W Sunset Blvd in Little Armenia (735 units). Average rental rates by unit type in the Los Angeles market are $1,683 for studios, $2,055 for one-bedroom units, $2,614 for two-bedroom units, and $3,094 for three-bedroom units.
