Wood Partners spends $23M to acquire resi site in Hollywood

Firm is building 161-unit multifamily complex on vacant lot

TRD LOS ANGELES /
Jun.June 19, 2018 05:00 PM
Wood Partners CEO Joseph Keough, and rendering of 5750 Hollywood (Wood Partners, Carrier Johnson + Culture)

A stalled project to transform a vacant lot near the 101 Freeway into a multifamily complex is finally moving forward under a new owner.

Wood Partners, an Atlanta-based multifamily developer, paid $23 million to acquire the 1.1-acre parcel at 5750 Hollywood Boulevard, The Real Deal has learned.

The Hollywood complex, which had been in the works since 2015, is slated to include 161 apartments, 14 of which will be dedicated for low-income residents. There will also be 5,700 square feet of commercial space and a parking lot with space for 271 vehicles.

Michael Schlesinger, founder and principal of Cambra Realty, was the seller. The deal closed June 6.

Wood Partners is now gearing up for construction of a seven-story residential building at the property, the company announced Tuesday.

Amenities at the Carrier Johnson + Culture-designed building will include a roof deck, gym and courtyards, according to a statement.

Construction is expected to break ground in the next two weeks, with an expected completion date in 2020.

The project was originally entitled for 162 units, with an Environmental Impact Report first circulating in January 2015, sources said.

Wood Partners also developed The Fifty Five Fifty, another multifamily project located blocks away at 5550 Hollywood Boulevard. The company currently owns 70 properties, combining for over 20,000 units nationwide.


Related Articles

arrow_forward_ios
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
Kevin Conway, director of acquisitions at IDEAL Capital Group in Clovis (Credit: iStock)

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
Mario J. Palumbo, managing director of Seward Partners and Millennium Partners, and the site (Credit: Google Maps)

MP Los Angeles plans 14-story office development in Hollywood

MP Los Angeles plans 14-story office development in Hollywood
CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

CGI scores $48M in construction financing for Koreatown multifamily project
A rendering of the Vine Street project (Credit: Hawkins\Brown Architects via Urbanize)

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood
Hollywood's Seward House sells for $23.4M

Bardas Investment pays $23M for Seward House in Hollywood

Bardas Investment pays $23M for Seward House in Hollywood
Historic Parker Building could become a hotel (Credit: Google Maps)

Hotel developer looks to transform Hollywood’s historic Palmer Building

Hotel developer looks to transform Hollywood’s historic Palmer Building
Hobart Garden Apartments at 1344 N Hobart Boulevard (Credit: Google Maps)

Reiner Communities pays $48M for 142-unit East Hollywood complex

Reiner Communities pays $48M for 142-unit East Hollywood complex
arrow_forward_ios

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

Loading...