Apartments in Heart of Hollywood Sell

Glendale Investor Spends $38 Million on Multifamily Properties off Sunset Boulevard

An apartment complex off Sunset Boulevard between Netflix’s Hollywood offices and the Palladium theater has traded hands.

An investor based in Glendale, California, bought the combined 85-unit 1440 Gordon St. and 1446 Tamarind Ave. in Los Angeles for $38 million, or about $447,058 per unit, according to public records and CoStar data. That’s below the Hollywood multifamily sales average of $491,000, according to CoStar data.

The sellers were Burbank-based Gordon Emerson 41 LLC and Tamarind Apartments 44 LLC, according to public records.

The apartment properties, which are across the street from each other, were built in 2019 and 2020, according to marketing materials. The apartments have a gym, courtyard and rooftop and both sit within walking distance of Hollywood restaurants and historic movie theaters.

Hollywood has long been a popular market for renters because of its proximity to nearby entertainment jobs. Roughly 80% of the households in the neighborhood are renters, according to CoStar data. There are about 1,600 apartment units under construction today in the Hollywood market.

Roughly $11.9 billion in apartments have sold in greater L.A. this year, nearly matching last year’s record-setting $12 billion in sales, according to CoStar data. That said, apartment sales have cooled in recent months largely due to rising vacancy rates.

The Hollywood apartment market has a 5% vacancy rate, above the greater Los Angeles average of 3.6%, according to CoStar data. The market’s average monthly rent is $2,325 per unit, above the greater L.A. average of $2,181.

A representative for the buyer did not respond to a request to comment from CoStar News.

For the Record

Walker & Dunlop marketed the properties for sale.