|
|
8/27/20
|
A 1031 exchange investor paid $15.75 mil for El Palacio Apartments, an 18-unit ($875k/unit) multifamily property in West Hollywood. The property is located at 8491-8499 Fountain Ave, south of Sunset Blvd and just east of La Cienega Blvd.
Well-known developer William R. Hauptman originally built El Palacio Apartments in 1931. Upon its opening, Hauptman dedicated the Spanish Style property to the newly elected president of Spain. Throughout its history, El Palacio has been home to a number of Hollywood starlets including Dorothy Dandridge and Marilyn Monroe.
The 21.9k sf property features lush landscaping and garage parking for each unit. A number of units were tastefully renovated, and the exterior of the property was carefully maintained and improved as mandated by the Mills Act. The seller, Christina Development, left no stone unturned throughout its ownership period.
Steven Goldstein and Bryan Schellinger with NorthMarq’s Los Angeles investment sales team represented the seller in the deal.
“The Seller, Christina Development, never openly marketed the property for sale and really had no intention of selling either,” noted Goldstein. “This buyer purchased a couple other multifamily properties in Los Angeles over the last 60 days, and had a unique desire for historical properties with active Mills Act contracts. El Palacio fit the buyer's parameters as it is one of the most historically significant boutique luxury properties in the city.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
