A Hollywood apartment property just traded hands for the highest per-unit price in the neighborhood in years.
Sophia Hollywood, a 28-unit Class A property at 1759 North Gower Street, sold for $16 million, Colliers, which brokered the deal on behalf of the private seller, announced in a press release. The buyer’s identity for the 40,332-square-foot multifamily community was not disclosed.
The per-unit price works out to nearly $571,500 for each residence, which Colliers said is the highest per-unit price in Hollywood in more than three years. The sale serves as another sign of increasing investor confidence in Los Angeles multifamily properties as demand for housing increases while supply slowly tries to catch up.
“Today’s buyers are thinking beyond short-term market volatility,” Colliers’ Kitty Wallace said in a statement. “There is a growing recognition that high-quality housing in infill locations will continue to be difficult to build and increasingly valuable over time.”
Sophia Hollywood, completed in 2024, was attractive to the buyer for its “newer construction, condominium-quality design, and larger floor plans that are increasingly difficult to deliver with elevated development costs and interest rates,” Wallace said. The $16 million sale price was below what it would cost to replace the building. The property includes a fitness center, common spaces and gated parking with stainless steel appliances and in-unit laundry in each apartment.
Few apartment properties in Hollywood have fetched prices above $500,000 per unit in recent years. Last month, Kilroy Realty closed the sale of the Columbia Square Living and Jardine multifamily properties for a combined $202 million, The Real Deal reported. Columbia Square Living at 1550 North El Centro Avenue has 200 units, while Jardine at 6390 De Longpre Avenue has 193. The joint deal worked out to nearly $514,000 per unit.
That deal followed another large-scale multifamily sale in Hollywood last fall, when AEW Capital Management purchased The Ovelo Hollywood at 1331 North Cahuenga Boulevard for $159 million, TRD reported. The transaction for the seven-story complex worked out to nearly $430,900 per unit.
— Chris Malone Méndez
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