Such a lovely place…
San Francisco-based firm Mosser Capital acquired the Lido apartment building — featured on the rear cover of the Eagles’ Grammy-winning album “Hotel California” — for $32.2 million.
The property at 6500 Yucca Street in Hollywood marks Mosser’s first investment in Southern California.
The seller, Mountain View Condos, has owned the 1928 property since July 2012, when it paid $14.7 million for it, according to property deed records.
The Lido, renovated in 1955, contains 100 units across five floors. Forty-eight studio units are also certified as hotel guest rooms, meaning Mosser could potentially use some units as Airbnb rentals.
Laurie Lustig-Bower and Kamran Paydar of CBRE brokered the deal.
Mosser Capital, led by chief executive Neveo Mosser, manages over 3,000 apartment units in the Bay Area, including a 52-unit complex in San Francisco’s Nob Hill neighborhood and a 14-unit property in Oakland. The real estate investment firm specializes in value-add properties, according to its website.
Its recent purchase marks another investment in the already-booming Hollywood neighborhood. Developer Hudson Pacific Properties is currently planning a massive expansion at its Sunset Gower Studios on Sunset Boulevard, while owners of the Lombardi House plan to develop an 89-unit luxury apartment complex nearby.