Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOLLYWOOD, CA-Like many submarkets throughout Los Angeles, for-sale multifamily inventory in Hollywood remains tight. In the 90028 zip code, which is the heart of Hollywood and the new “downtown,” there are currently only seven multifamily properties with more than five units to be found for sale, per Loopnet and the MLS. Long-term and mid-term owners have seen the market make large strides following the downturn five years ago.  Average rental rates have grown steadily with an increase of 2.1% ending the third quarter of 2013 from the same time last year. Additionally, vacancy remains low and the third quarter of 2013 marked the ninth consecutive quarter of vacancy below 4% for the greater Los Angeles County market. As a result of these positive market signals, many owners find themselves in a holding pattern anticipating continued growth in the market.

Hollywood multifamily deals continue to make headlines with the recent acquisition by BRE Properties, a public REIT, of the Jefferson at Hollywood. BRE reportedly paid $120.5 million for the 270-unit, class-A community built in 2010 that is located across from the Metro Red Line’s Highland station.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.