Advanced Real Estate has made what is reportedly Southern California’s largest multifamily buy year to date, purchasing the 200-unit Columbia Square Living, which has been renamed Sky Hollywood; and the 193-unit Jardine Hollywood towers. Sky Hollywood and Jardine are two of only five apartment towers in Hollywood and make up more than half the stock of high-rise units. Although the purchase price was not disclosed, Advanced cited $141.4 million in acquisition financing arranged by JLL.
“With the World Cup and the Olympics coming to Los Angeles, along with movie and television production returning to the region, we feel the future looks bright for Hollywood,” said Paul Julian, president of Advanced. “Hollywood is one of the most recognized places in the world; no town has had a bigger influence on global popular culture. We’re honored to own these significant assets here.”
Property Management will be handled in-house by Advanced Management Company. Advanced also plans cosmetic upgrades to the properties, which will be administered by its affiliated construction company, R3 Construction Services.
The acquisition was brokered by JLL’s Blake Rogers, Dillon Bergum, Alexandra Caniglia and Kip Malo. Kevin Mackenzie, president of JLL’s Capital Markets Group for the Americas, along with JLL’s Orange County-based Capital Markets team of Greg Brown and Charlie Vorsheck, procured two separate, uncrossed loans from Freddie Mac.
