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10/16/15
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Gershwin Apartments, a 163-unit apartment community in Hollywood, was purchased by Massie Capital and Glenn & Shannon Dellimore for $25 mil. Built in 1927, the historic five-story brick building is located at 5533 Hollywood Blvd, east of the 101 Fwy near Western Ave.
The property was formerly known as the Gershwin Hotel, which was redeveloped into an apartment community in 2013 by the previous owner, CIM Group. It includes 10.5k sf of ground floor retail space.
The purchase was financed with $20.9 mil in bridge financing arranged by Shahin Yazdi of George Smith Partners. According to Yazdi, the property features a number of micro-units, which have become one of the hottest new trends in urban living in high-demand city areas like Hollywood.
“This area of the city offers tremendous potential for investors who want to capitalize on the market’s trend towards urbanization,” Yazdi explained. “Located less than one block from the Red Line stop at Western Blvd, the Gershwin Apartments were designed to leverage current demand for urban product. The asset features a mix of small units, including 105 efficiency units with kitchenettes that total less than 350 sf each.”
Brian Massie, Founder of Massie Capital noted that his team immediately recognized the value in this acquisition. The company plans to implement value-add renovations that will transform the building’s unit interiors, common areas and lobby while maintaining its’ architectural heritage.
“This is a unique asset in the heart of a growing neighborhood,” Massie said. “As renter demand continues to climb in this area, there is a tremendous opportunity to increase NOI and drive value.”
Massie Capital’s investment partners in this acquisition are Glenn and Shannon Dellimore, the founders of famous Hollywood skin care brand GLAMGLOW, which recently sold to The Estée Lauder Companies in January 2015.
The Ron Harris Team from Institutional Property Advisors represented both parties in the transaction.
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