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December 18, 2018
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Phoenix Group Pays $45 Mil for Hollywood Res Complex

11/15/18

Vue Hollywood, a 92-unit, non-rent-controlled apartment building in Hollywood, sold for $45 mil, or about $489k/unit. The buyer was Phoenix Group.

Vue Hollywood is located just off Sunset Blvd, a few blocks from the eastern edge of West Hollywood and a short walk from Hollywood Blvd. The Hollywood/Highland Metro Red Line is less than a mile away. Nearby employers include Netflix, Capitol Records, Technicolor and Ticketmaster, among many others.

Built in 1987, the property has received significant exterior, common area, and apartment interior improvements since 2015. Most of the units are two-bedrooms and floorplans average 966 sf in size.

Kevin Green, Greg Harris and Joseph Grabiec with Institutional Property Advisors represented the seller, a private multifamily investment firm, and procured the buyer in the deal.

“Hollywood has become the fastest-growing employment market in Southern California and the abundance of high-paying jobs created by entertainment, media, and technology companies is bolstering the strength of the rental market,” said Green. “Vue Hollywood is particularly well suited to benefit from the area’s economic growth as there are thousands of new jobs within walking distance.”

“Previous ownership renovated 74 unit interiors to the highest-quality standard, leaving the opportunity for new ownership to capture significant revenue upside by upgrading the remaining units and capitalizing on the demand for high-end housing,” added Grabiec.




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