HOLLYWOOD-Two separate buyers have acquired multifamily properties in two recently closed transactions that included the sale of the historic Nirvana apartments, which were designed in 1925 with hand-carved dragons and a pagoda roof. The other deal was the $22-million sale of a Long Beach building entitled for 216 condominiums and townhouses.

In the Nirvana transaction, Los Angeles-based Madison Partners reports that RNR Properties Inc. bought the 44-unit complex at 1775 N. Orange Dr. from Sebren Development for $5.9 million. Darin Beebower of Madison represented both the buyer and the seller.

The Nirvana complex is adorned with hand-carved dragons, engravings and a pagoda-shaped lobby roof. The four-story complex was designed by architect E.M. Erdaly and was once owned by film star Anna Mae Wong.

The Nirvana building, which consists of 36 singles and eight one-bedroom units, has been declared a Los Angeles Historic Cultural Monument. Beebower notes that the property is undergoing a thorough renovation, including a restoration of the lobby, which will ensure that the property retains its authentic 1920s design.

In the Long Beach transaction, Lennar and Intergulf Development (USA) Corp. bought 150 West Ocean Blvd., a high-rise residential development site entitled for 216 condominiums and townhouses. Development entitlements provide for a 17-story building on the 1.67-acre site, which will house the residential units as well as 3,300 sf of retail space, according to Curtis Palmer, Herb Chase and Alex Quintana of Transwestern Multi Housing Capital Advisors, which arranged the sale on behalf of seller Camden Realty.

Amenities will include a two-story clubhouse, a fitness center and a resort-style pool with poolside fire pit. The development site is near the upscale Belmont Shore neighborhood and the Long Beach Aquarium of the Pacific.