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Historic Hollywood Tower Trades for $35M

HOLLYWOOD-The 52-unit apartment complex, nearly 80 years old, sells for $34.5 million and comes with a development site entitled for 146 units.

By Bob Howard | Updated on April 22, 2007

(Read more on the multifamily market.)

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.

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