Hollywood, Calif.—A West Coast commercial and mixed-use developer and investor announced the sale of a fully entitled 1.75-acre land parcel in Hollywood. Champion Real Estate Company sold the parcel for $39.9 million via Highland Selma Venture LLC to MCREF Highland & Selma LLC, an affiliate of the Dallas-based Mill Creek Residential Trust.
Located at 1600 N. Highland and 1600 N. McCadden, the parcel has been cleared for the development of a 248-unit luxury community that will include 13,000 square feet of pedestrian-oriented commercial space and 194 public parking spaces. Together the piece of land and luxury apartment property amount to a staggering sales record of more than $160,000 per door with a price per square foot of nearly $524.
“Champion elected to sell the property in order to further deploy its capital in its value-add business” said Greg Beck, partner with Champion Real Estate.
“Multifamily development in core Los Angeles areas is in high demand. The Hollywood market in particular is one of these locations that is seeing constrained supply resulting in rent growth. When completed, this project will help meet a pent-up demand in the community,” Beck added.
Curtis Palmer of CBRE represented both the buyer and the seller.
Rendering courtesy of Ebeling Communications.