CBRE announced the sale of the iconic The Lido, a 100-unit apartment building that was featured on the Eagles’ Grammy Award-winning album Hotel California, to Mosser Capital for $32.2 million.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Mountain View Condos, owned by Shawn Evenhaim.
The property, located at 6500 Yucca Street, features a 1928-vintage, architecturally distinct building with an impressive street-to-street presence on its block. Lobby photography of the building was featured on the Eagles 1976 Grammy Award-winning album, Hotel California.
The property contains units that are rich in architectural detail, and some apartments have been fully renovated with original hardwood floors, high ceilings and exposed brick. Common area amenities include secured access entry, private gated parking, lobby WiFi, a Zen garden and a gym. The Lido also offers views of the Hollywood sign, the Hollywood Hills, and Downtown Los Angeles. The property boasts a WalkScore of 96.
“This was a fantastic deal of an amazing, one-of-a-kind property in a market that is in extremely high demand,” said Lustig-Bower. “Plus, the Lido offers the new owner the potential for exceptional upside.”
The Lido’s certificate of occupancy designates the 48 studio units as hotel guest rooms, thus allowing for the conversion to Airbnb rentals to achieve significant rental rate premiums of up to 133% over comparable floorplan apartment units.
“Additionally, the Lido parking lot may be considered for its future development potential to build rental apartment or for-sale units,” added Paydar. “Hollywood is one of the most vibrant, dynamic submarkets in Los Angeles and offers outstanding multifamily occupancy levels and prospects for continued rent growth.”
CBRE’s Lustig-Bower and Paydar also represented the buyer.
“The Lido property is a perfect fit for our portfolio as we establish our presence in Los Angeles,” said Neveo Mosser, co-founder and CEO of Mosser Capital. “We look forward to improving the look and feel of the property, which we hope will ultimately enhance the living experience for current and future residents.”
Added Jim Farris, co-founder and principal of Mosser Capital, “The Lido asset was a highly sought-after property that fits our investment strategy in Hollywood and the greater West Los Angeles area. We are excited to make our first investment in this neighborhood as well as the optionality of this particular asset.”
A San Francisco-based and vertically integrated real estate investment firm, Mosser has been investing and operating in value-add multifamily properties for more than five decades. With more than 400 employees, Mosser manages over $1.3 billion in assets and over 3,000 apartment units in California, focusing on urban workforce housing in emerging neighborhoods throughout California and in San Francisco, Oakland and Los Angeles. The acquisition of the Lido property is part of a larger expansion of Mosser Capital into the LA market.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Mountain View Condos, owned by Shawn Evenhaim.
The property, located at 6500 Yucca Street, features a 1928-vintage, architecturally distinct building with an impressive street-to-street presence on its block. Lobby photography of the building was featured on the Eagles 1976 Grammy Award-winning album, Hotel California.
The property contains units that are rich in architectural detail, and some apartments have been fully renovated with original hardwood floors, high ceilings and exposed brick. Common area amenities include secured access entry, private gated parking, lobby WiFi, a Zen garden and a gym. The Lido also offers views of the Hollywood sign, the Hollywood Hills, and Downtown Los Angeles. The property boasts a WalkScore of 96.
“This was a fantastic deal of an amazing, one-of-a-kind property in a market that is in extremely high demand,” said Lustig-Bower. “Plus, the Lido offers the new owner the potential for exceptional upside.”
The Lido’s certificate of occupancy designates the 48 studio units as hotel guest rooms, thus allowing for the conversion to Airbnb rentals to achieve significant rental rate premiums of up to 133% over comparable floorplan apartment units.
“Additionally, the Lido parking lot may be considered for its future development potential to build rental apartment or for-sale units,” added Paydar. “Hollywood is one of the most vibrant, dynamic submarkets in Los Angeles and offers outstanding multifamily occupancy levels and prospects for continued rent growth.”
CBRE’s Lustig-Bower and Paydar also represented the buyer.
“The Lido property is a perfect fit for our portfolio as we establish our presence in Los Angeles,” said Neveo Mosser, co-founder and CEO of Mosser Capital. “We look forward to improving the look and feel of the property, which we hope will ultimately enhance the living experience for current and future residents.”
Added Jim Farris, co-founder and principal of Mosser Capital, “The Lido asset was a highly sought-after property that fits our investment strategy in Hollywood and the greater West Los Angeles area. We are excited to make our first investment in this neighborhood as well as the optionality of this particular asset.”
A San Francisco-based and vertically integrated real estate investment firm, Mosser has been investing and operating in value-add multifamily properties for more than five decades. With more than 400 employees, Mosser manages over $1.3 billion in assets and over 3,000 apartment units in California, focusing on urban workforce housing in emerging neighborhoods throughout California and in San Francisco, Oakland and Los Angeles. The acquisition of the Lido property is part of a larger expansion of Mosser Capital into the LA market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
