December 16, 2015
Waterton has purchased Vida Hollywood, a 345-unit apartment complex on Hollywood Boulevard, just a half block south of the Hollywood Walk of Fame.
Rents average $1,540 for a studio, $1,800 for a one-bedroom apartment and $2,600 for two bedrooms. Waterton has plans for capital improvements in both the individual units and the common areas, because the building is over two decades old.
Viacom and Netflix will be two of the biggest employers in the area, recently announcing their plans to relocate. Senior Vice President of Acquisitions Mark Stern says that rental demand is high due to more jobs being created.
Cushman and Wakefield’s team led by Marc Renard brokered the deal. This marks Waterton’s ninth acquisition of the year.