Austin-based firm goes Hollywood with $38M apartment complex purchase

The sellers were Harridge Development Group and Cornerstone Holdings

Apr.April 24, 2019 01:13 PM
Time and Stephen Clark, and the MetWest Apartments

Cypress Real Estate Advisors has paid $38 million for a multifamily complex on Sunset Boulevard in Hollywood, The Real Deal has learned.

A joint venture between Harridge Development Group and Cornerstone Holdings sold the property, which they built in 2016. A source close to the deal said it closed earlier this month.

Located at 5837 Sunset Boulevard, the MetWest complex includes 79 residential units. Designed by VTBS Architects, the six-story building also has a rooftop pool deck, gym, patio decks and parking structure.

Cornerstone and Harridge acquired the property in 2011 for an undisclosed amount. Cornerstone, a private investment firm with offices in Denver and San Francisco, had a 58 percent stake in the development, according to its website.

Austin-based Cypress invests in multifamily, office and hospitality projects across both coasts. The Hollywood deal appears to be the first California investment for the company, which owns several properties in Colorado, Oregon and Texas, according to its website.

Harridge has been an active investor in the Hollywood market. The firm recently secured City Council approval to build its ambitious Crossroads of the World megaproject, slated to bring 950 residential units, a hotel and 190,000 square feet of commercial space to the area. It’s also building a mixed-use complex with 555 apartments in Koreatown, as well as a 676-unit project in San Pedro.

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