HOLLYWOOD-Lowe Enterprises Investors of Los Angeles has acquired the 100-unit Lido Apartments at 6500 Yucca St. for $9.4 million and plans to immediately begin improvements on the five-story complex, considered vintage Hollywood for its architectural and interior design. Lowe bought the property on behalf of the Lowe California Community Fund, an investment fund targeting Southern California residential and retail properties.

The complex offers "a great opportunity to enhance value by investing in renovations to reposition the building in the Hollywood market,” according to Rick Newman, president of Lowe Enterprises Real Estate Group. Newman describes the Lido, which was built in 1928, as “a distinctive property with an interesting history tied to the entertainment industry. People generally recognize the grand lobby as it appeared on the back cover of the Eagles album, Hotel California."

Lowe's announcement of the deal notes that the iconic property still retains many of the architectural and interior design elements that reflect the era in which it was built and add to its charm. The Lido was previously an apartment-hotel for actors until it was converted to traditional apartments in the 1990s and underwent a complete seismic retrofit. The building features large apartments configured from studios up to a three-bedroom unit, with numerous two bedroom apartments. Unlike many older Hollywood apartments, the building has a 50-space surface parking lot for residents.