Vanbarton Group pays $148M for Hollywood apartment building

UPDATED, Oct. 15, 2:10 p.m.: Vanbarton Group has picked up another property in Hollywood, underscoring its commitment to the booming neighborhood.

The New York-based developer paid seller Wood Partners $148 million, or about $528,000 per residential unit, to acquire a newly built multifamily complex in Hollywood, The Real Deal has learned.

Dubbed Fifty Five Fifty, the apartment complex at 5550 Hollywood Boulevard includes 280 residential units and 12,000 square feet of retail space. There are also 437 parking spaces.

Amenities at the Class A property include two outdoor courtyards, a swimming pool with jacuzzi, co-working space, gym and private theater.

Wood Partners, a multifamily developer based in Atlanta, completed the project in April.

Cushman & Wakefield brokered the deal. They also arranged financing.

Vanbarton’s most recent purchase is the firm’s third big investment in the neighborhood in the last two years.

The firm made waves in the Hollywood market last year when it paid $42 million, or about $500 per square foot, to acquire the WeWork-anchored property at 7083 Hollywood Boulevard. Then in June it then picked up another office building on Sunset Boulevard for $38 million.

Combined, Vanbarton owns more than 6 million square feet of office, multifamily, retail and hospitality properties throughout New York, San Francisco, L.A. and Chicago.