AIG sells Rubix Hollywood apartment complex for $109M
AIG Global Real Estate has sold the Rubix Hollywood, a three-building apartment complex comprising 218 rental units in prime Hollywood, for $109 million, or $500,000 per unit, according to Real Capital Analytics.
The buyer is New York Life Real Estate Investors on behalf of the Madison Core Property Fund.
The 247,587-square-foot complex, at 1714 N. McCadden Place, last traded for $41.5 million in 2007, record show.
Cushman & Wakefield brokered the deal. Neither the brokers nor a representatives for AIG was immediately available for comment.
A spokesperson for New York Life said the company will likely revamp the property to add value.
“Rubix represents an excellent opportunity to invest in a high quality asset in Hollywood’s thriving residential market,” said Chris Hunt, senior director at New York Life Real Estate Investors. “We will begin renovating units and the common areas over the coming months so we can be well positioned to take advantage of the strong tenant demand in this highly popular submarket.”
The property is less than a block from Hollywood Boulevard and tourist attractions such as Ripley’s! Believe it or Not.
Insurance giant AIG has been in the real estate business since 1987 and was one of of the world’s largest commercial real estate investors before the 2008 crash, with roughly $25 billion in assets. More recently, the company dismissed four senior members of its real estate business, including the division’s chief executive, as a cost-cutting measure, the Wall Street Journal reported.