Pacific Urban Residential offloads Vue Hollywood for $45M
The Palo Alto firm picked up the 92-unit building in 2015 for $30M and renovated it
Pacific Urban Residential has sold the Vue Hollywood apartment building in Hollywood for $45 million.
The 92-unit multifamily sold to Phoenix Group, according to a press release from Institutional Property Advisors, a division Marcus & Millichap, which brokered the deal. The sale penciled out to $489,326 per unit.
Hollywood’s multifamily market has been one of the strongest in the city of Los Angeles. The most recent high-figure sale was the $52 million trade of the 76-unit Highland Residences property to Culver City-based Goldrich Kest. Lennar Corp. was the seller.
Palo Alto-based Pacific Urban Residential, an affiliate of Marcus & Millichap, bought the Vue Hollywood in 2015 for $30.1 million and spent an undisclosed sum to renovate the property. The renovation includes upgrades to units as well as the exterior and common areas.
The property is not the 318-unit Vue Apartments building in Downtown Los Angeles, where residents sued the ownership in July over alleged shoddy construction.
Pacific Urban Residential has made two other notable trades in L.A. this year. In late August, the firm picked up an 1980s-era 134-unit apartment complex in Los Feliz for $55 million with plans to renovate it. In April, the firm paid $17.9 million for a 56-unit complex in Valley Village, also built in the 1980s, likely with similar plans.