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HOLLYWOOD-Multifamily specialist Alliance Residential Co. hasacquired the historic 52-unit Hollywood Tower apartment complex for$34.5 million and plans to develop 146 additional units on thesite, according to CB Richard Ellis. Adrienne Barr of CBRE's TeamLustig-Bower tells GlobeSt.com that the landmark apartmentproperty, at 6200 Franklin Ave., comes with entitlements already inplace for the 146 additional units.

Barr says that bidding was "very competitive" for the HollywoodTower, which drew multiple offers. Built in 1929 and known forproviding sophisticated living for film luminaries in earlier eras,the apartment building is exempt from rent control.

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Development
Los Angeles
Multifamily
National