Olympus Enters West Hollywood with Luxury Asset Acquisition
Located near Santa Monica Boulevard, the property sold for $125 million in 2020.
Olympus Property has purchased Angelene Apartments, a 179-unit luxury multifamily community in West Hollywood, Calif. Berkadia brokered the deal and secured the acquisition financing through Freddie Mac.
The asset last traded in 2020, when JPMorgan Asset Management purchased it from Holland Partner Group for $124.7 million, according to Yardi Matrix data.
In prepared remarks, Chase Bennett, executive managing director at Olympus, noted that Angelene marks the company’s first acquisition in the West Hollywood market. The company’s portfolio comprises more than 27,000 units under ownership and management.
Steps away from Santa Monica Boulevard
Completed in 2016, the property comprises one-, two- and three-bedroom floorplans ranging from 579 to 1,351 square feet, Yardi Matrix shows, as well as 33,500 square feet of ground-floor retail currently occupied by Sprouts Farmers Market. Common-area amenities encompass a swimming pool, spa, clubhouse, fitness center and business center, among others.
Located at 915 N. La Brea Ave., Angelene is close to Santa Monica Boulevard and roughly 8 miles from downtown Los Angeles, within walking distance of Melrose Avenue and its 1.5 million square feet of retail and restaurant space. The location is also 3 miles from a luxury community that came online in September.
Berkadia Senior Managing Directors Tom Moran and Rachel Parsons, along with Senior Directors Mike Murphy and Derrek Ostrzyzek, led the team that completed the sale, while Senior Managing Director Tucker Knight procured the financing.