ROM Acquires 1930s Hollywood Multifamily, Plans Renovations

Los Angeles-based ROM Investments has acquired the Guardian Arms Apartments located at 5217-5233 Hollywood Blvd. in Los Angeles for $26 million. The 2019 year-end sale was brokered by a Berkadia team of Jim Fisher, Robin Ossenbeck and Mike Smith which represented the buyer. The seller was MWest Holdings, LLC, also based in California.

The acquisition comes at a time when Hollywood continues to see new multifamily development in modern tower and mixed-use project formats. However, according to Berkadia’s announcement, ROM looks to differentiate its new acquisition through strategic renovation to reinvigorate the property’s 1930s-era character and themes.

“ROM Investments purchased the property to add to their already extensive holdings in the East Hollywood area,” said Berkadia’s Ossenbeck. “The buyer plans to complete the renovations to all units and common areas keeping with the charm of the asset. The irreplaceable character of this 1930s high-rise building, commanding views of the Hollywood sign and downtown Los Angeles, and potential upside in revenues upon renovations make the Guardian Arms and its retail components a solid long-term hold.”

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