LOS ANGELES – January 9, 2020 – Berkadia announced today the $26.2 million sale of Guardian Arms Apartments, a 101-unit high-rise mixed-use property located at 5217-5233 Hollywood Blvd. in Los Angeles. Managing Directors Jim Fisher and Robin Ossenbeck and Senior Director Mike Smith of Berkadia’s Los Angeles office completed the sale on behalf of the buyer, Los Angeles-based ROM Investments. The seller was MWest Holdings, LLC, also based in California, and the deal closed on December 19, 2019.
“ROM Investments purchased the property to add to their already extensive holdings in the East Hollywood area,” said Ossenbeck. “The buyer plans to complete the renovations to all units and common areas keeping with the charm of the asset. The irreplaceable character of this 1930s high-rise building, commanding views of the Hollywood sign and downtown Los Angeles, and potential upside in revenues upon renovations make the Guardian Arms and its retail components a solid long-term hold.”
ROM Acquires 1930s Hollywood Multifamily, Plans Renovations | Connect Commercial Real Estate News
MWest Holdings Sells Los Angeles Property | Multi-Housing News
Los Angeles Multifamily Property Purchased for $259k/Unit | RENTV
MWest Sells Properties for $64 Million | Los Angeles Business Journal