LOS ANGELES-M West Holdings has purchased the history-rich Guardian Arms complex, a former hotel-turned-multifamily community now known as the New Hollywood Apartments, from a seller whose identity was not disclosed to GlobeSt.com. The asset, which consists of 101 apartment units and approximately 9,000 square feet of ground-floor retail space, sold for $14 million, GlobeSt.com has learned.
The vintage property, M West's ninth major acquisition in Southern California, is situated on Hollywood Blvd. in East Hollywood, a historic neighborhood currently experiencing a rapid renaissance, and is bordered by Central Hollywood and Los Feliz. According to M West's SVP Matthew Ellis, “This dense infill location currently benefits from over $3 billion in new, planned or recently completed developments, and we are thrilled to become active participants in the further development of this astonishing community.”
Constructed in 1928, the Guardian Arms was originally a seven-story hotel that quickly became the destination for many Hollywood stars due to its prestigious address and spectacular unobstructed views, which include the Hollywood sign and Griffith Park Observatory. The hotel was also home to Elizabeth Short (known as the famous Black Dahlia), who resided there for a short period of time in 1946.
Today, the iconic building is being used as apartments, and M West will return its original name. “We are proud to be a part of this property, which is rich in Hollywood history, and we're committed to its revitalization and preservation for decades to come,” said Karl Slovin, president of M West, in a prepared statement. “Our extensive renovation plans include a restoration of the bygone charm of the building's original façade.”
M West will also renovate the lobby, hallways and unit interiors utilizing the firm's architectural design team to offer tenants and guests a “classic Hollywood” experience throughout the building while providing all the contemporary amenities, Slovin added. Apartment units will be upgraded to preserve the historical features, including polished concrete flooring, new but historically appropriate countertops and stainless-steel appliances.
As GlobeSt.com previously reported, mixed-use development is on the rise throughout L.A. County as retailers embrace a new model vs. traditional storefront models, Gabe Kadosh, Stream Realty Partners' newly appointed VP of retail, tells GlobeSt.com. Kadosh has seen several new mixed-use projects break ground since the end of last year—apartment complexes with a retail component. “Projects scale from 500 units with 25,000 square feet of retail, up to some with 50,000 square feet of retail. “We used to see this model only cities like New York and San Francisco, and now we're seeing it in L.A.—restaurants and shops downstairs and apartments upstairs.” Kadosh adds that there's a more lively and energetic vibe emerging in L.A., from Santa Monica to West Hollywood to Pasadena to parts of the San Fernando Valley.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
