January 4, 2017
A joint-venture between Redwood Urban and Beverly Pacific acquired The Jefferson at Hollywood, a luxury mixed-use asset in Hollywood, CA from Essex Property Trust for $132.5 million. The 270-unit apartment property comes with two super-graphic signs and 8,850 square feet of high street retail/restaurant space.
Built in 2010 and acquired by Essex in 2013 for $120.5 million, the asset offers a significant value-add opportunity at an irreplaceable location along Highland Ave.
ARA Newmark’s Curtis Palmer, Chris Benton, Jaspaul Kapoor and Chris Tresp represented both the buyer and seller.
Palmer says, “The Jefferson is in the heart of downtown Hollywood, with all of the building amenities that tenants seek plus a vibrant community and easy rail access. After planned interior and exterior renovations, the buyer will be able to substantially increase rents in-line with new product.”
For comments, questions or concerns, please contact Dennis Kaiser