Hollywood landmark property the Gershwin Apartments has traded hands between two private investors for $46 million. The transaction took 35 days to close escrow after hitting the market, underscoring the strong demand for multifamily investment opportunities in Hollywood.
Located at 5533 Hollywood Blvd., the property has 172 apartment units. It was originally built in the 1920s as a hotel, but in the years since, it was transitioned into a mixed-use apartment complex with ground floor retail. The buyer plans to renovate and further upgrade the property.
Colliers International EVP Kitty Wallace represented both the buyer and seller in the deal, which included a $1 million non-refundable deposit and an all-cash offer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
