LaSalle Acquires luxury, multifamily building in Hollywood Hills of Los Angeles
CHICAGO April 22, 2015 – LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announced that it has acquired the La Belle at Hollywood Tower for $63,000,000. La Belle, built in 2010, is located in the Hollywood Hills of Los Angeles adjacent to the Hollywood Tower and compliments its classic French-Norman style with modern residences and luxurious amenities.
LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announced that it has acquired the La Belle at Hollywood Tower for $63,000,000. La Belle, built in 2010, is located in the Hollywood Hills of Los Angeles adjacent to the Hollywood Tower and compliments its classic French-Norman style with modern residences and luxurious amenities.
Chris Akins, Managing Director, LaSalle said, “The La Belle at Hollywood Tower presented us with an opportunity to provide immediate value for investors through prime Class-A real estate. The acquisition allows us to capitalize on the continued growth of a strong rental market in Los Angeles, one of our target markets. Specifically, the Hollywood area is one of the submarkets experiencing increasing urbanization and density, with more job and entertainment options locating in this area, residential demand will continue to increase.”
The La Belle boasts views of the iconic Hollywood sign and has a number of property amenities including a zero-edge pool, spa, three rooftop decks, private fitness center, and a private residents’ club. In addition to its various amenities, the La Belle is strategically located near the 101 Freeway and within blocks of public transportation. It is also within walking distance of some of Los Angeles’ top restaurants and entertainment venues.
The multifamily asset is comprised of 146 units that total 119,164 square feet and is located on 1.4 acres of land.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $60 billion as of Q1 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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