Local firm pays $28M for multifamily property in Hollywood
Xenon Investments will renovate entire 1984-built complex
Another multifamily property has traded in Hollywood.
A small multifamily operator named Xenon Investments purchased an apartment building in the heart of Hollywood for $28 million.
The seller was Berk Investments, an Agoura Hills-based LLC controlled by Kenneth Burk. The property had remained in the hands of the developer’s family since it was built in 1984, according to a statement announcing the deal.
Dubbed Las Palmas Villa Apartments, the four-story property includes 81 apartment units, and features a mix of studios, one and two-bedroom options. Amenities include a swimming pool and spa, parking, laundry facilities and patio.
Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller.
Xenon Investments, led by Deepak Mehta, will renovate the aging asset and bring it up to today’s standards. It will upgrade all common areas, the building’s facade and all unit interiors.
Many investors have been flocking to the busy Hollywood streets recently, looking to take advantage of rising rents and a high-density allowance. Earlier this month, multifamily developer Goldrich Kest paid $52 million for a 76-unit mixed-use building named Highland Residences. Another developer, Nathan Korman, is also finally making plans for a 68-unit apartment complex on Wilcox Avenue, on land he has owned for nearly 25 years.