Vintage Charm: Century-old hotel building now contains 172 residential units.

Vintage Charm: Century-old hotel building now contains 172 residential units.

L.A.’s housing shortage has made it a hot market for multifamily properties. And even amid a flurry of new construction, existing stock is selling at a premium.

The latest deal is for The Gershwin Apartments, a 172-unit mixed-use development in East Hollywood that sold for $46 million last month, records show.

Colliers International Group Inc.’s Kitty Wallace and Kalli Knight represented the buyer, CityView, and the seller, Massie Capital Management.

Massie Capital purchased the property in 2015 for roughly $25 million, CoStar Group Inc. data shows.

The building was built in the 1920s when it was known as the St. Francis Hotel. It has been significantly renovated. It now has 163 residential units, nine bungalows, a 17,000-square-foot parking lot and roughly 11,000 square feet of ground-floor retail. More than two-thirds of the units have been remodeled.

“The buyer now has an opportunity to add significant value through the renovation of the 53 remaining units yet to be updated,” Wallace said in a statement. She added that the buyer would also work to secure entitlements to build a rooftop deck on the property “that would provide panoramic views of the Hollywood Sign, Griffith Park and downtown Los Angeles.”

The property is at 5533 Hollywood Blvd., directly across the street from a Red Line station.

For reprint and licensing requests for this article, CLICK HERE.