The sale price for a multifamily and retail community on Hollywood Boulevard has been revealed.
Last month, Madison International Realty partnered with multifamily owner and operator Big 4 Properties to acquire El Centro Apartments & Bungalows at 6200 Hollywood Boulevard, the Los Angeles Times reported at the time. The 507-unit property sold for $161.2 million, or nearly $317,949 per unit, Traded has now reported.
The El Centro development is a “best-in-class, transit-oriented multifamily asset” that Madison bought “at a significant discount-to-replacement cost” in Hollywood, Madison International Realty president Ronald Dickerman said in a statement, according to the Times.
Madison International and Big 4’s acquisition marks the first joint deal for the two firms. Madison is seemingly taking advantage of an appetite for multifamily housing. “Investors now are starting to look for ways to go on offense,” Dickerman said on The Real Deal’s “Deconstruct” podcast in 2024.
El Centro consists of 507 units as well as 58,000 square feet of ground-floor retail and a 1,200-space parking garage. Its location on Hollywood Boulevard near the Hollywood Walk of Fame and historic Pantages Theatre means the property boasts “untapped retail potential,” Big 4 Properties CEO Terry Considine said, per the Times.
With the El Centro purchase, Madison now holds 27 million square feet of multifamily housing across its portfolio.
Other multifamily properties in Hollywood have been trading hands since last summer. In October, an affiliate of AEW Capital Management purchased the 369-unit Ovelo development at 1331 North Cahuenga Boulevard for $159 million, TRD previously reported. The sellers in that transaction were Cal-Coast Development and Rescore, a real estate investment trust managed by Encore Capital Management. In August, The Lighthouse Group bought 218 units at 1714 North McCadden Place from a New York Life Real Estate Investors affiliate for $73.9 million. A month before that, Grubb Properties and PCCP bought a 280-unit building at 5550 Hollywood Boulevard from Vanbarton Group for $98.4 million. — Chris Malone Méndez
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