ROM Investments has purchased Guardian Arms Apartments, a 101-unit property in Los Angeles, Calif., for $26.2 million. MWest Holdings sold the building after seven years of ownership, according to Yardi Matrix. Berkadia arranged the sale on behalf of the buyer.
The property sits on less than one acre at 5217 Hollywood Blvd., near the Hollywood Freeway, within 7 miles of downtown Los Angeles. Guardian Arms Apartments is conveniently located near several restaurants and shopping options and is close to tourist attractions, such as the Walk of Fame and Hollywood Hills.
Constructed in 1928, the property originally served as a seven-story hotel. During its seven years of ownership, MWest Capital restored the building’s historic façade and upgraded common areas and apartment interiors. The community features efficiency, studio, and one-bedroom apartments, averaging 481 square feet. The building also has 9,207 square feet of ground-floor retail space.
Berkadia’s team included Managing Directors Jim Fisher and Robin Ossenbeck and Senior Director Mike Smith. In December, the brokerage firm secured a $30.8 million Freddie Mac loan for the acquisition of a 270-unit community in Corpus Christi, Texas.