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 is one of the world's leading real estate investment managers. On a global basis, LaSalle manages more than $69 billion of assets in private and public real estate property and debt investments as of Q3 2020. 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. For more information please visit http://www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.