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HOLLYWOOD-Multifamily specialist Alliance Residential Co. has acquired the historic 52-unit Hollywood Tower apartment complex for $34.5 million and plans to develop 146 additional units on the site, according to CB Richard Ellis. Adrienne Barr of CBRE's Team Lustig-Bower tells GlobeSt.com that the landmark apartment property, at 6200 Franklin Ave., comes with entitlements already in place for the 146 additional units.

Barr says that bidding was "very competitive" for the Hollywood Tower, which drew multiple offers. Built in 1929 and known for providing sophisticated living for film luminaries in earlier eras, the apartment building is exempt from rent control.

Team Lustig-Bower represented both the buyer and the seller, an individual investor based in Los Angeles, who ensured that a number of duplexes that were on the site were vacated and demolished by the close of escrow. The CBRE brokers estimate that by vacating the duplexes and securing entitlements for the additional units, the seller saved the buyer approximately one year of time that otherwise would have been spent on approvals and carrying costs.