Hollywood Multifamily Sale Reaches Three-Year High in Pricing
Colliers arranged the sale of Sophia Hollywood, a Class A, 28‑unit, 40,332‑square‑foot multifamily apartment community located at 1759 N. Gower St. Vice chair Kitty Wallace of Colliers marketed and brokered the deal on behalf of the private seller, who sold the asset for approximately $16 million, reportedly the highest price per unit in Hollywood in more than three years.
The sale reflects a growing trend among multifamily investors who increasingly see the recent dislocation across California and Los Angeles real estate markets as a buying opportunity. “What differentiated Sophia Hollywood was the combination of newer construction, condominium-quality design, and larger floor plans that are increasingly difficult to deliver with elevated development costs and interest rates,” said Wallace.
She continued, “The property offers a level of unit quality, parking, and long-term optionality that resonates with investors. Even with the asset achieving market-leading pricing metrics, the basis remained below what it would cost to replicate in today’s construction environment.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout