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.