Champion Real Estate Company, a Los Angeles-based commercial development and investment firm, has sold a 1.75-acre parcel of land in Hollywood for $39.9 million, or $524 per square foot, the company said Wednesday. The buyer is an affiliate of the Dallas-based Mill Creek Residential Trust.
The parcel, at 1600 N. Highland Avenue and 1600 N. McCadden, is primed for the construction of a 248-unit residential development with 13,000 square feet of commercial space and 194 public parking spaces.
Curtis Palmer of CBRE brokered the transaction.
“Champion elected to sell the property in order to further deploy its capital in its value-add business,” said Greg Beck, partner with Champion Real Estate. “Multifamily development in core Los Angeles areas is in high demand. The Hollywood market in particular is one of these locations that is seeing constrained supply resulting in rent growth. When completed, this project will help meet a pent-up demand in the community.” [Multihousing News] — Katherine Clarke