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

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

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.

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