HOLLYWOOD, CA - Waterton, a U.S. real estate investor and operator, announced it has acquired Vida Hollywood, a 345-unit rental community near an iconic stretch of Hollywood Boulevard in central Los Angeles.
Located on Wilcox Avenue, Vida Hollywood is steps from some of the city’s most popular cultural attractions, including the Hollywood Walk of Fame, a half-block south of the property. The two-building community, which offers a mix of studio, one- and two-bedroom apartments, also benefits from its proximity to the Metro Red Line and Hollywood Freeway – a half-mile east of the property – providing convenient access to the Los Angeles freeway system and major employment centers, including downtown Los Angeles.
“Demand for rental housing is on the rise in Hollywood thanks in part to a surge in digital entertainment jobs fueled by companies like Viacom and Netflix, which recently announced plans to relocate its Southern California operations to the neighborhood by 2017,” said Mark Stern, senior vice president of acquisitions at Waterton. “Strong employment, along with the relative affordability of renting, has contributed to historically high occupancies and continued rent growth across virtually every submarket in the Los Angeles metro, making communities like Vida Hollywood especially attractive.”
As the property’s new owner, Waterton plans to implement a capital improvement program that will update individual residences and select common areas.
“Although Vida Hollywood was built nearly 25 years ago, its location is timeless, presenting us with an opportunity to modernize the property and position it as a more affordable alternative to newly constructed communities nearby,” said Stern. “By acquiring and renovating an existing building, we’re able to immediately capitalize on current demand in the market.”
Vida Hollywood includes subterranean parking garages and a full suite of amenities, including a pair of resort-style swimming pools with sundecks, 24-hour fitness center, on-site dog park and soundproof recording studio.
Nearby, residents can take advantage of numerous shopping, dining and entertainment destinations, including the Hollywood & Highland Center to the west – home to the TCL Chinese Theatre and Dolby Theatre – and the historic intersection of Hollywood and Vine to the east. Vida Hollywood is also close to nightlife along Santa Monica and Sunset boulevards, as well as several notable landmarks, including the Capitol Records Building, Hollywood Bowl, Griffith Park and the Hollywood Sign.
Vida Hollywood marks Waterton’s ninth acquisition in 2015 and expands the firm’s California portfolio to eight communities comprising nearly 1,800 units.