Hollywood Hills

Portfolio Investment Opportunity
• Historical trophy assets, well maintained by a family office for over 25 years with pride of ownership and a deep passion for the international prestige of Hollywood and its movie stars
• An attractive basis below replacement cost at $182,051 per unit and $270 per square foot for the portfolio
• In-place cap rate of 5.3% to stabilize at a 7.71% pro forma cap rate—to be purchased individually or in bulk
• Rental upside of 19.4% through operational efficiencies, managerial adjustments, strategic renovations to units and common areas, and implementing a RUBS program
• 234 units consisting of across three properties totaling 157,568 square feet with a sleek geometric architectural design featuring original wood floors, ornate crown molding, exposed brick walls, luscious landscaping, antique glass doors and windows, inviting outdoor seating areas, and solar panels on the grid with LADWP
• Irreplaceable, architecturally unique assets featuring unmistakable Art Deco design encompassing decades of rich history and celebrity tenants with Cherokee, Leland, and Argyle recognized on the National Register for Historical, which helps with the privileged Mills Act distinction which would reduce property taxes upon completion
• Residents benefit from charming and spacious floor plans, 8-to-10-foot ceilings, large windows and skylights, on-site laundry facilities, controlled-access entry, outdoor seating areas with lush landscaping, and select units providing sweeping views of the Hollywood Hills, Griffith Park Observatory, and the Los Angeles skyline
• An affordable investor may also appreciate Leland’s location in a high resource area, with Leland and Cherokee qualifying for Tier 1 Section 8 rental rates, and Argyle for Tier 2 Section 8 rental rates
• 1746 N Cherokee and 6731 Leland Way are located in opportunity zones
Strong Multifamily Fundamentals
• Submarket home values have gone up 9.9% over the past year
• Asking rents are forecasted to grow 28.5% over the next five years, one of the highest growth rates in Los Angeles
• Submarket occupancy averaged 94.7% over the past five years
• Renters make up 85.6% of the occupied housing population within a one-mile radius
• Hollywood’s employment is projected to grow 41.2% over the next ten years
• Robust employment population of 515,585 within a five-mile radius
Convenient Central Location in Hollywood
• All properties labeled a “Walker’s Paradise” on WalkScore.com, located close to entertainment, education, and employment hubs situated a mile from West Hollywood, four miles from top studios in Burbank, and five miles from Griffith Observatory, making it a superior central destination to the Greater Los Angeles Area
• Prime Hollywood locality with Argyle in the Hollywood Hills north of Franklin Avenue, with views of the Hollywood Sign and city views. Cherokee exudes vintage Hollywood glamour steps from the acclaimed Walk of Fame. Leland is steps away from Hollywood High School, the alma mater of Sarah Jessica Parker, Laurence Fishburn, and Mickey Rooney.
• Surrounded by the world’s top entertainment employers, including Walt Disney Studios, Netflix, Raleigh Studios and Paramount Pictures, along with medical provider Kaiser Permanente and premier shopping center, Ovation Hollywood, as well as notable area attractions including the Walk of Fame, TCL Chinese Theatre, and Dolby Theatre are located within 1 mile
• City Council approved Hollywood Revitalization Plan in May 2023 which will increase economy, health, and sustainability in Hollywood