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1/14/20
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LA-based ROM Investments paid $26.2 mil for Guardian Arms Apartments, a 101-unit ($259k/unit), high-rise mixed-use property in Los Angeles. The property, located at 5217-5233 Hollywood Blvd, midway between Western and Normandie Aves, was sold by MWest Holdings LLC.
Jim Fisher, Robin Ossenbeck and Mike Smith with Berkadia represented the buyer in the transaction.
“ROM Investments purchased the property to add to their already extensive holdings in the East Hollywood area,” said Ossenbeck. “The buyer plans to complete the renovations to all units and common areas keeping with the charm of the asset. The irreplaceable character of this 1930s high-rise building, commanding views of the Hollywood sign and downtown Los Angeles, and potential upside in revenues upon renovations make the Guardian Arms and its retail components a solid long-term hold.”
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