Los Angeles-based investor MWest has sold the historic Hollywood Tower, a 52-unit apartment complex built in 1929. The firm acquired the 52-unit property in 2015 and renovated it while preserving its historical integrity.

Hollywood Tower had a unique renovation. MWest conducted significant research to understand the original design and construction of the property, and that vision drove the renovation. In the end, the property had a balance of high-end vintage finishes and modern features, including modern appliances, Caesarstone countertops, Euro-style cabinetry, marble bath vanities. Residents also had access to a rooftop deck, which was included in the upgrade. The property is located within walking distance to Franklin Village and public transit.

The apartment market in Los Angeles has expanded tremendously since MWest purchased the property in 2015; however, in the last year, the pandemic has put downward pressure on the apartment sector. A recent report from Apartment Guide has found that Los Angeles ranks among the top US cities with the biggest fall in one-bedroom rental rates. Los Angeles are down 18.4%, second only to San Francisco in the nation.