Hollywood landmark property the Gershwin Apartments has traded hands between two private investors for $46 million. The transaction took 35 days to close escrow after hitting the market, underscoring the strong demand for multifamily investment opportunities in Hollywood.

Located at 5533 Hollywood Blvd., the property has 172 apartment units. It was originally built in the 1920s as a hotel, but in the years since, it was transitioned into a mixed-use apartment complex with ground floor retail. The buyer plans to renovate and further upgrade the property.

Colliers International EVP Kitty Wallace represented both the buyer and seller in the deal, which included a $1 million non-refundable deposit and an all-cash offer.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.