Joint venture buys Hollywood apartment building with celebrity murals

Los Angeles /
Jun.June 04, 2018 03:15 PM
Canyon Partners Executives Joshua Friedman & Mitchell Julis, and CIT chairman and CEO Ellen Alemany

A historic Hollywood building that was once the site of a crime scene just got a new owner, and some much-needed rebranding.

A joint venture between Canyon Partners’ real estate arm and CIT Bank acquired the Harvey, a 177-unit multifamily apartment community at 5640 Santa Monica Boulevard in Hollywood, the companies announced Monday. Seattle-based Timberlane Partners was the seller.

The new owners will be renaming the four-story property the
“Derby Hollywood” to “reflect its historically rich Hollywood location,” according to the release.

It’s unclear how much the partnership, named Canyon Multifamily Impact Fund III, paid for the property. Sources familiar with the deal said it’s likely to be close to $30 million, considering the property last traded for $15.25 million in 2015.

CIT’s Real Estate Finance business provided a $20.4 million senior loan to fund the acquisition and future capital improvements. Together, the firms plan on creating an outdoor community space and expanding the ground floor retail options.

Clad with 80-foot-tall murals of the Beatles, Elvis Presley, Arnold Schwarzenegger and Marilyn Monroe, the property is a fixture in Hollywood. It also has a bit of a dark past — a tenant killed himself on the site in 2011 after he became a prime suspect in the murder of publicist Ronni Chasen.

The latest deal marks the second acquisition to date for the fund. The two purchased a leasehold interest in the 169-unit Coronado Palms community in Anaheim in September for $32.1 million, property records show. CIT secured a $25 million loan for that deal.

Elsewhere in Hollywood, Harridge Development Group is planning its Crossroads of the World mega-project, which is slated to deliver 950 apartments and condominiums. Jamison, meanwhile, is prepping for a 224-unit apartment complex at Las Palmas Avenue, which will offer studios, one and two-bedroom units.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Victor Coleman and a rendering of the project (Credit: Gensler via Urbanize)

Hudson Pacific wins key approval for 500K sf Hollywood studio expansion

Hudson Pacific wins key approval for 500K sf Hollywood studio expansion
A rendering of the project (Credit: Yorkwood, LLC)

Developer plans 137-unit complex in Hollywood

Developer plans 137-unit complex in Hollywood
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.

What do we want? Mortgage relief!: Landlords plan LA protest

What do we want? Mortgage relief!: Landlords plan LA protest
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...