Mixed-Use Hollywood Property Finds New Owner

An affiliate of Champion Real Estate Co. sold the property for $23.3 million.
Rendering of at 1717 N. Las Palmas property in Hollywood, California.

Rendering of 1717 N. Las Palmas Ave., Hollywood, Calif.

Los Angeles—Hollywood Cherokee Apartments Venture LLC, an affiliate of Champion Real Estate Co., has recently sold a mixed-use residential and retail property located at 1717 N. Las Palmas Ave. in Hollywood, Calif.

The asset, which was acquired by Airport Holdings LP for $23.3 million, is a former 49,590-square-foot public parking lot situated just north of Hollywood Boulevard, a few feet away from the Walk of Fame. Champion bought the lot in April 2012 when the company also obtained entitlements for the development of 224 Class A residential units over retail.

The property’s amenities include a lobby, leasing office, exercise room, rooftop pool deck, as well as 333 square feet of retail space.

“The project was the result of a collaboration between the development team members and members of the community during the Hollywood Community Plan Update litigation,” Champion Senior Vice President Greg Beck said in prepared remarks. “We faced little neighborhood opposition and generated broad community and political support to obtain approval for this one-of-a-kind project,” he added.

Rendering courtesy of Champion Real Estate Co.