Hollywood Apartments Acquired for $98.4M

Grubb Properties and PCCP acquired a 280-unit apartment building located at 5550 Hollywood Blvd. in Hollywood for $98.4 million, or $351,000 per unit, from Vanbarton Group.

“The Fifty Five Fifty Apartments is a high-quality property that addresses the unmet demand for well-designed, well-located, amenity-rich apartments offering exceptional values for renters in the middle of the income spectrum,” said Clay Grubb, chief executive of Grubb Properties, in a statement. “The acquisition is an excellent buying opportunity to realize significant upside that required the expertise of talented internal and third-party teams.”

The transaction marks the company’s first acquisition of an existing community in the Los Angeles market, adding to its nationwide portfolio. The seven-story building has 280 studio, one-, two- and three-bedroom floor plans with an average unit size of 739 sq. ft.

Amenities include an oversized fitness center and yoga studio, resort-style pool, two outdoor courtyards, a resident lounge and co-working spaces. The property also includes 12,022 sq. ft. of ground-floor retail. It was built in 2018.

Cushman & Wakefield represented the seller and led the team that arranged acquisition financing. Walton Street Capital originated the loan to PCCP and Grubb Properties.

Information for this article was sourced from Grubb Properties.