California Landmark Group Sells Hollywood Apartment Building for $47M
By Greg Cornfield February 1, 2023 10:40 am
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Ken Kahan’s California Landmark Group (CLG) is letting go of an 84-unit multifamily community in Hollywood.
The West Los Angeles-based company sold the apartment building named LC by CLG for $46.5 million, or about $553,571 per unit, CBRE (CBRE) announced. A private partnership formed by Harrison Yale Hurst and Richard Rosin of Santa Barbara-based H&R Investments acquired the property.
Located at 710 North El Centro Avenue, LC by CLG is adjacent to the historic Paramount Studios, just north of the Larchmont Village neighborhood.
“The growth in the area has led to extraordinarily tight rental markets with occupancies averaging over 97 percent and average market rents increasing more than 4 percent annually on average over the last 10 years,” CBRE’s Stewart Weston said in a statement.
CBRE’s fourth-quarter multifamily report found Greater L.A. closed $14.44 billion in multifamily sales in 2022, fourth most in the country for the year. About 10,600 units were added to the L.A. market in that time, including 3,500 in the final three months.
The brokerage also estimated that elevated construction around the country will push apartment vacancy up slightly this year, but not above 5 percent. CBRE forecasts U.S. apartment rents increasing by 4 percent on average this year.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
