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Hollywood’s Landmark Gershwin Apartments Sold for $46M
A landmark 172-unit mixed-use development in Hollywood has traded hands. The Gershwin Apartments was acquired by an undisclosed local development, management and investment firm in a $46-million transaction that spanned just 35 days to close escrow.
Built during the Roaring Twenties Era, and known as the St. Francis Hotel, the five-story, red-brick building at 5533 Hollywood Blvd. was extensively renovated over the years. The mixed-use, multifamily community is now comprised of 163 residential units, nine neighboring bungalows, a 17,000-square-foot surface parking lot and 10,565 square feet of ground-floor retail.
The apartments feature a mix of floorplans ranging from micro lofts with kitchenette, to significantly larger two-bedroom bungalows with private yards. A total of 119 of the units have been completely remodeled while 53 remain to be updated.
Colliers International’s Kitty Wallace represented both the buyer, reportedly CityView, as well as the seller, reportedly Massie Capital Management.
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