The 345-unit rental community, Vida Hollywood Apartments, near the iconic stretch of Hollywood Boulevard in central Los Angeles was acquired by U.S. real estate investor and operator, Waterton.
"Although Vida Hollywood was built nearly 25 years ago, its location is timeless, presenting us with an opportunity to modernize the property and position it as a more affordable alternative to newly constructed communities nearby," said Mark Stern, senior vice president of acquisitions at Waterton. "By acquiring and renovating an existing building, we're able to immediately capitalize on current demand in the market."
According to their press release in Business Wire, the 25-year-old apartment is ideally located on Wilcox Avenue and is just steps away from some of the city's most popular cultural attractions, such as the Hollywood Walk of Fame, a half-block south, the Hollywood & Highland Center to the west, and the historic intersection of Hollywood and Vine to the east. Vida Hollywood is also close to nightlife along Santa Monica and Sunset Boulevards, the Capitol Records Building, Hollywood Bowl, Griffith Park and the Hollywood Sign.
"Demand for rental housing is on the rise in Hollywood thanks in part to a surge in digital entertainment jobs fueled by companies like Viacom and Netflix, which recently announced plans to relocate its Southern California operations to the neighborhood by 2017," said Stern. "Strong employment, along with the relative affordability of renting, has contributed to historically high occupancies and continued rent growth across virtually every submarket in the Los Angeles metro, making communities like Vida Hollywood especially attractive."
Vida Hollywood features amenities such as a 24-hour fitness center, resort-style pool, Jacuzzi, complimentary Wi-Fi in common areas, music rehearsal room, controlled gated entry, assigned covered parking, on-site laundry center, and a dog park.
Waterton is a real estate investor and property management company that was founded by David Schwartz and Peter Vilim in 1995. The company focuses on U.S. multi-family apartments and hospitality properties. Waterton executes value-added strategies and manages a national portfolio of multi-family and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly-owned property management subsidiaries which are focused on Waterton's portfolio of properties.
