Goldrich Kest pays Miami developer $52M for multifamily complex in Hollywood

Upscale building also has two ground-floor retail spaces for lease

Los Angeles /
Aug.August 01, 2018 03:00 PM
Goldrich Kest executives Jona Goldrich & Sol Kest, and property photos

Add the Highland Residences to Goldrich Kest’s growing portfolio of multifamily properties.

The Culver City-based firm paid $52 million to acquire a 76-unit mixed-use property in Hollywood, the company announced Wednesday.

Lennar Corp., a Miami-based mega-developer, sold the complex to Goldrich Kest. They paid $7.38 million for the land back in 2014, and later completed the apartment building two years later, records show.

Located at 1411 Highland Avenue, the Highland Residences includes a mix of studio, one, two and three-bedroom apartments, as well as a fitness center, swimming pool, rooftop deck and parking lot. There are also two ground-floor retail spaces, spanning 2,500 square feet, available for lease.

Rents at the six-story property range from $2,400 to $5,250 per month, according to the statement.

The acquisition comes on the heels of another Goldrich Kest purchase nearby in West Hollywood. The firm paid Bolour Associates $24 million for Infinity West, a recently built 43-unit apartment complex. It plans to invest more than $500,000 into the building, the firm announced in April.

Goldrich Kest is a privately-owned real estate firm that primarily invests in multifamily assets across California. It currently holds 120 apartment buildings with about 13,000 units in its portfolio, as well as some senior living, commercial and industrial properties.


Related Articles

arrow_forward_ios
From left: Related California’s Gino Canori and William Witte with 710 Broadway (710 Broadway, Getty, Related)
Related scores $385M in financing for Santa Monica mixed-use project
Related scores $385M in financing for Santa Monica mixed-use project
Ed Scheetz and Ian Schrager with the Standard Hotel
Ian Schrager, Ed Scheetz close purchase of former Standard Hollywood hotel
Ian Schrager, Ed Scheetz close purchase of former Standard Hollywood hotel
The homeless in LA
RAND report finds 18% rise in homelessness at LA hot spots
RAND report finds 18% rise in homelessness at LA hot spots
RBM's Hiro Kobayashi with 11264 La Grange Avenue
RBM buys film company HQ in Sawtelle for undisclosed price
RBM buys film company HQ in Sawtelle for undisclosed price
Townscape Partners' Tyler Siegel and John Irwin with rendering of 8150 Sunset Boulevard and demolished Lytton Savings Bank (Getty, Gehry Partners LLP)
Frank Gehry project with approvals for sale in Hollywood
Frank Gehry project with approvals for sale in Hollywood
ELK's Evan Kasper with 1410 North Highland Avenue (ELK Development, Google Maps, Getty)
Developer owes $6M to contractor for Hollywood apartment project: lawsuit
Developer owes $6M to contractor for Hollywood apartment project: lawsuit
ApartmentList's Rob Warnock (ApartmentList, Getty)
LA rents dip in December, still higher than pre-pandemic
LA rents dip in December, still higher than pre-pandemic
Hackman Capital Partners' Michael Hackman and 5300 Melrose Avenue (Hackman Capital Partners, Google Maps, Getty)
Hackman Capital pays $140M for stake in Raleigh Studios
Hackman Capital pays $140M for stake in Raleigh Studios
arrow_forward_ios

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

Loading...