Colliers Facilitates $22.95M Sale of Two Hollywood Multifamily Properties
Colliers has brokered the $22.95 million sale of two multifamily properties totaling 68 units in Hollywood. The properties—Mansfield Terrace and Palms View—were sold on behalf of the seller, Omninet.
Located west of Highland Avenue, both apartment communities date back to the late 1980s and are not subject to the City of Los Angeles rent control regulations. Represented by Kitty Wallace, Vice Chair at Colliers, each property was acquired by separate private buyers. The transactions were driven by investor interest in the assets’ strong in-place cash flows and the potential for rental growth in the Hollywood market.
“These two sales highlight the confidence investors have in Hollywood’s long-term fundamentals,” said Wallace. “We’ve seen a clear rebound in demand. Asking rents in Hollywood are projected to rise nearly 25% over the next five years. With top-of-market fundamentals and extraordinarily high barriers to entry, investors continue to recognize the value in acquiring quality, well-located assets in Los Angeles neighborhoods poised for significant growth.”
The sales underscore continued investor enthusiasm for Hollywood’s evolving multifamily landscape and its promising outlook.
