Cityview Pays Raintree Partners $36M for Hollywood Apartments
Sale price is a discount from the nearly $41M Raintree paid in 2018
By Nick Trombola December 19, 2024 4:28 pm
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One of only two multifamily buildings in the Hollywood Hills featuring more than 100 units has traded hands, though at a discount from its most recent sale.
Los Angeles-based developer and management firm CityView has paid $35.5 million for Candela, a 112-unit property at 1950 Tamarind Avenue. The price is $5.2 million less than the $40.7 million that seller Raintree Partners acquired Candela for in 2018, property records show. The apartment complex is currently 96 percent occupied, Cityview CEO Sean Burton said in a statement.
“Candela was a prime opportunity to acquire a well-located, highly amenitized asset significantly below replacement cost, making it an ideal fit for our value-add strategy,” Burton said.
Institutional Property Advisors’ Kevin Green, Joe Grabiec and Greg Harris brokered the deal. The 1974-built property has been upgraded over the past six years with improved amenities and renovations of certain units, according to Cityview.
“New ownership will have the opportunity to focus almost exclusively on high-return interior improvements to the unrenovated units and follow a proven renovation plan that has yielded significant premiums,” Grabiec added.
Large multifamily sales in Tinseltown are relatively rare these days, though that doesn’t mean that development isn’t happening behind the scenes (pun intended).
Media company CMNTY Culture, along with partner Lincoln Property Company, in September updated its site plan for the corner of Sunset Boulevard and Highland Avenue in Hollywood to include a pair of residential towers with a total of 743 units and over 10,000 square feet of retail. The companies originally intended to redevelop the property with 500,000 square feet of studio and creative office space, plus a 500-seat performance venue, among other features. “Shifting market dynamics” made the change to residential a more attractive prospect, Lincoln’s vice president of development Sam Pepper said at the time.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
