LOS ANGELES, CALIFORNIA (August 20, 2020) – Steven Goldstein, associate vice president and Bryan Schellinger, managing director of NorthMarq’s Los Angeles investment sales team arranged the $15.75 million sale of El Palacio Apartments. The 18-unit multifamily property is located at 8491-8499 Fountain Avenue in West Hollywood, California.
Well-known developer William R. Hauptman originally built El Palacio Apartments in 1931. Upon its opening, Hauptman dedicated the Spanish Style property to the newly elected president of Spain. Throughout its history, El Palacio has been home to a number of Hollywood starlet’s including Dorothy Dandridge and Marilyn Monroe.
The property features 18-units in an expansive 21,882 sq. ft. property with lush landscaping, and garage parking for each unit. A number of units were tastefully renovated, and the exterior of the property was carefully maintained and improved as mandated by the Mills Act. The seller left no stone unturned throughout their ownership period and the buyer is receiving a pride of ownership property.
“The Seller, Christina Development, never openly marketed the property for sale and really had no intention of selling either. Our team was able to source a buyer who was in a sizeable 1031 exchange from the disposition of family assets in New York City and had a desire to move the capital closer to home here in Los Angeles,” said Goldstein. “This buyer purchased a couple other multifamily properties in Los Angeles over the last 60 days, and had a unique desire for historical properties with active Mills Act contracts. El Palacio fit the buyer’s parameters as it is one of the most historically significant boutique luxury properties in the city.”