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3/26/15
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A local private investor has purchased the Orange Towers Apartments, a 36-unit residential asset in Hollywood. The property, located at 1757 North Orange Dr, just south of Franklin Ave between La Brea and Highland Aves, sold for $10.4 mil ($289k/unit).
Orange Towers far exceeds current height restrictions and could not be replicated today. As a result, upper floor units offer spectacular views of the surrounding hillsides and Hollywood landmarks.
The five-story complex has an apartment mix comprised of 14 one-bedroom/one-bath units and 22 two-bedroom/two-bath units. The property consists of 30.7k sf and is situated on a 12.6k sf lot. Originally constructed in 1965, the property was renovated in 2007-2008.
Orange Towers is literally located at the center of Hollywood’s magic. The short block is bounded by the Magic Castle on one end and the Roosevelt Hotel on the other. Directly across the street from the property are the Dolby Theatre, TCL Chinese Theatre and Hollywood & Highland entertainment complex. With countless shops, restaurants, theaters and nightlife, this vibrant location is one of the most dynamic and desirable places for renters to live in all of Los Angeles.
Darin Beebower of Madison Partners was the listing broker for the property, representing both the buyer, 6401 Wilshire Boulevard LLC and the seller, Lion Orange LLC, an L.A.-based real estate investment company. This transaction marks the third time in less than a decade that Madison Partners brokered the sale of this property.
The property received numerous offers from investors attracted to the outstanding location and belief in the long-term strength of the sub-market, according to Beebower. “This was a strategic long-term opportunity for the buyer due to the location and favorable financing. Since they already owned additional properties on the block, the buyer will benefit from management consolidation and unit diversification in leasing.”
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