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Two Hollywood Apartment Properties Trade Separately for $23M
Colliers arranged the $22,950,000 sale of two multifamily properties totaling 68 units in Hollywood—Mansfield Terrace and Palms View—on behalf of the seller, Omninet. Located west of Highland Avenue, the two properties are late 1980s construction and are not subject to City of Los Angeles rent control.
Represented by Colliers vice chair Kitty Wallace, the properties sold to separate private buyers attracted to the strong in-place cash flows and rental upside in the growing Hollywood market.
“These two sales highlight the confidence investors have in Hollywood’s long-term fundamentals,” said Wallace, who represented Omninet in both transactions. “We’ve seen a clear rebound in demand. Asking rents in Hollywood are projected to rise nearly 25% over the next five years. With top-of-market fundamentals and extraordinarily high barriers to entry, investors continue to recognize the value in acquiring quality, well-located assets in Los Angeles neighborhoods poised for significant growth.”
- ◦Sale/Acquisition
