LOS ANGELES—CGI Real Estate has acquired the Villa Carlotta, a 50-unit multifamily complex in Franklin Village, for $12.2 million from an unnamed seller. The 88-year-old building is a rare find in the Hollywood submarket, as it was originally built in 1926 for the widow of Thomas Ince, a silent film pioneer, and was occupied by several celebrity residents.

CGI plans to invest an additional $1 million to restore the historic property, which has not been renovated for 50 years. As part of the improvements, CGI will reposition the property into long-term luxury apartment rentals with fully furnished apartments and will target executives traveling to the area for work. The renovation will also include the addition of new amenities, like a rooftop lounge with unobstructed views of the iconic Hollywood Sign. The restoration project is scheduled to be complete next year. CGI did not respond to a request for comment.

Currently, the property has a mix of studio, one- and two-bedroom apartment homes, ranging in size from 505 to 706 square feet, and two-bedroom townhomes that are 1,214 square feet. Several noteworthy celebrities have lived in the building, including Edward G. Robinson, David O. Selznick and Marion Davies. Designed by famed architect Arthur E. Harvey, the building was deemed a Los Angeles Historic Cultural Monument in 1986.

The Hollywood submarket is one of the most active development markets in Los Angeles, with 1,500 units currently in the pipeline, including Columbia Square mixed-use property, which, like the Villa Carlotta, will feature long-term furnished apartment rentals that cater to executives.