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12/27/24
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Cityview has acquired Candela, a 112-unit value-add res property nestled in the Hollywood Hills and Franklin Village neighborhood of Los Angeles. The three- and four-story multifamily project features spacious one- and two-bedroom floorplans, upgraded amenities and an ideal location near major employers in Los Angeles.
Originally built in 1974, Candela has been refreshed over the past six years, including upgraded amenity spaces and some unit renovations. Cityview will oversee a comprehensive unit upgrade program on unrenovated units and implement a series of operational efficiencies and improvements to the building’s energy efficiency to elevate the resident experience.
The modern, upgraded amenities include a coworking lounge, pool and spa, sauna, outdoor community BBQ, fitness center, indoor/outdoor community room, dog spa and package locker system. The property also features security cameras throughout, a private garage, two elevators, onsite laundry, storage, trash chutes and controlled access to the community.
Renovated units will feature stainless steel appliances, stone countertops, new designer cabinetry, modern lighting and plumbing fixtures, oversized windows, dishwashers, upgraded bathrooms, recessed lighting, modern tile backsplashes and luxury vinyl plank flooring throughout.
Located at 1950 Tamarind Ave, Candela is one of only two 100+ unit multifamily assets located north of Franklin Ave amongst the Hollywood Hills. The community is situated in Franklin Village, one of the most popular small urban villages in Los Angeles featuring gourmet restaurants, organic grocers, a famous comedy theater, boutique retailers and trendy bars and cafes.
The property is within a 30-minute drive of nearly 3.4 million jobs spanning a variety of industries and within a 10-minute commute of major entertainment industry employers including Netflix, NBC/Universal, Warner Brothers, and Paramount/Skydance. Candela also provides easy access to the 101 freeway and is within a 15-minute walk of a metro station that offers a quick commute to Downtown Los Angeles, Koreatown and other employment hubs.
Kevin Green, Joseph Grabiec and Gregory Harris with Institutional Property Advisors were involved in brokering the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.
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