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June 10, 2023
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Xenon Investment Corp Spends $7.5 Mil on 33-Unit L.A. Res Property


Hollywood Apartments, a 33-unit multifamily property in Los Angeles, was purchased for $7.5 mil ($227.3k/unit) by investor Deepak Mehta and Xenon Investment Corp. The asset was sold by RPVoge Investments, a family trust.

Hollywood Apartments is located at 7044 Lanewood Ave, near the intersection of Hollywood and La Brea Boulevards. It is situated in the heart of Hollywood with a 98 Walk Score. Built in 1956, the previous owners invested nearly $200k in seismic upgrades and other improvements over the nearly 50 years of ownership with potential for still substantial renovations.

The property features a swimming pool and sun deck, intercom-controlled entry, covered parking, air conditioning, hardwood-style flooring in many units, and a full kitchen appliance package including refrigerator and gas stove/oven.

CBRE’s Dean Zander, Chris Tresp and Stewart Weston represented the seller in the transaction. Deepak Mehta and Xenon Investment Corp have acquired over 500 apartment units in Los Angeles in 2021.

"Hollywood is a Los Angeles cultural icon and has witnessed a renaissance with more than $5 bil of investment in new developments,” said Zander. “The buyer will benefit from the property's very desirable location and take advantage of the growing demand, strong rent growth, and high occupancy of the Hollywood market.”

Added Weston, “Over 1 million jobs exist within a 30-minute commute of Hollywood. With a host of well-paying jobs in the vicinity and countless entertainment options, the property is well positioned for future growth."

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