HOLLYWOOD-Lowe Enterprises Investors of Los Angeles has acquiredthe 100-unit Lido Apartments at 6500 Yucca St. for $9.4 million andplans to immediately begin improvements on the five-story complex,considered vintage Hollywood for its architectural and interiordesign. Lowe bought the property on behalf of the Lowe CaliforniaCommunity Fund, an investment fund targeting Southern Californiaresidential and retail properties.

|

The complex offers "a great opportunity to enhance value byinvesting in renovations to reposition the building in theHollywood market,” according to Rick Newman, president of LoweEnterprises Real Estate Group. Newman describes the Lido, which wasbuilt in 1928, as “a distinctive property with an interestinghistory tied to the entertainment industry. People generallyrecognize the grand lobby as it appeared on the back cover of theEagles album, Hotel California."

|

Lowe's announcement of the deal notes that the iconic propertystill retains many of the architectural and interior designelements that reflect the era in which it was built and add to itscharm. The Lido was previously an apartment-hotel for actorsuntil it was converted to traditional apartments in the 1990s andunderwent a complete seismic retrofit. The building features largeapartments configured from studios up to a three-bedroom unit, withnumerous two bedroom apartments. Unlike many older Hollywoodapartments, the building has a 50-space surface parking lot forresidents.

|

Lowe acquired the Lido from Lido Hollywood Partners LLC in anoff-market transaction brokered by Darin Beebower of MadisonPartners. Brad Howe, managing director of Lowe EnterprisesInvestors, says that the acquisition "is consistent with themandate of Lowe California Community Fund to make investments thatare both economically attractive and benefit the urban core of ourcommunity.” Lowe has engaged Virtu Property Management to assumemanagement and leasing of the Lido and to oversee the propertyrenovations.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.