A 2021-BUILT, 29-UNIT LUXURY MULTIFAMILY ASSET LOCATED STEPS TO BEVERLY HILLS
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A 2021-BUILT, 29-UNIT LUXURY MULTIFAMILY
ASSET LOCATED STEPS TO BEVERLY HILLS
1
Paul Darrow
(310) 706-4402
pdarrow@marcusmillichap.com
CA License: 01700955
Kevin Green
(310) 706-4416
kgreen@marcusmillichap.com
CA License: 01420176
Joseph Grabiec
(310) 706-4417
jgrabiec@marcusmillichap.com
CA License: 01748327
Greg Harris
(310) 706-4407
gharris@marcusmillichap.com
CA License: 01186953
Faraj Kerendian
(323) 640-7000
faraj@kerendianproperties.com
CA License: 01022002
2
1070 Holt
3
CENTURY CITY 4
5
E XECU T I V E SUMM ARY
BEVERLY HILLS
1070 Holt
The
OFFER ING
Marcus & Millichap and Kerendian Properties,
as exclusive advisors, are pleased to present
the opportunity to acquire 1070 Holt (the
“Property”), an ultra-luxury community
consisting of 29 spacious designer residences
“
located in the Pico Robertson neighborhood
adjacent to Beverly Hills, West Hollywood, and
1070 Holt is a Miracle Mile - some of Los Angeles’ premier
destinations.
compelling opportunity
to purchase a truly The Property represents the rare opportunity
irreplaceable, to acquire timeless real estate that combines
Proper t y Over v iew
superior design, spacious floor plans, and
brand new luxury highly desirable community amenities – most Property Name: 1070 Holt
community in one of notably an expansive rooftop deck that offers Property Address: 1070 S. Holt Avenue , Los Angeles, CA 90035
unobstructed 360 views of Los Angeles, replete
the most highly supply with designer grade furnishings. Furthermore,
Year Built: 2021*
constrained markets of as a vacant building, the offering provides Units: 29
Los Angeles. “ multiple execution strategies including
traditional multifamily, co-living, short term stay,
Assessor’s Parcel Number:
Land Use:
4332-025-034
Multifamily
or a future condominium exit.
Zoning: R3-1-O
*TCO was issued in 2020
6
7
Central to
West Hollywood,
Miracle Mile,& World
Famous Beverly Hills
8
Beverly Hills (0.2 Miles from Property) West Hollywood (1.6 Miles from Property) Miracle Mile (1.6 Miles from Property)
The world famous Beverly Hills is the envy of Los West Hollywood has been dubbed “The Creative City” Stretching 3 square miles, Miracle Mile is a major
Angeles with its vast abundance of trendy night-life, and for good reason. Within its 1.9-square mile border, historic preservation area known for the renowned
renowned boutique shopping on Rodeo Drive, and the city features a plethora of intimate galleries, Los Angeles County Museum of Art and La Brea
innovative cuisine from award-winning chefs such as world-famous comedy stores, high-end nightlife along Tar Pits, the high-end retailers at the Grove, and
Wolfgang Puck, Nobu Matsuhisa, and Curtis Stone. the Sunset Strip, chef-driven culinary experiences, the Original Farmers Market. This uniquely family-
In addition to world-class urban amenities, Beverly and one of the top inspirations for design: Pacific friendly area, in the middle of Los Angeles urban
Hills boasts over 3.7 million square feet of exquisite Design Center. West Hollywood is an experience that sprawl, provides spacious lifestyle amenities for
parks, public art work, and historic monuments, such is second to none in all of Los Angeles. people of all ages.
as the 1.9-mile long Beverly Gardens Park, Greystone
Mansion and Gardens, and La Cienega Tennis Center
(0.6 miles from the Property).
9
SW EEPING V IEWS OF THE
C E N T U RY C I T Y S K Y L I N E A R E
J U S T O N E O F 1 0 7 0 H O LT ’ S
M A N Y A DVA N TAG E S
1011
1070 Holt
S T R AT E G I E S T O
MA XIMIZE
R EVENUE
Co-Living
Industry experts have been tracking
new leases, renewals, rent collections,
and occupancy for co-living buildings
since the pandemic began. By its
count, co-living has either matched or Industry Experts
outperformed traditional real estate on
all fronts. ranked Los Angeles
Due to rising rents in Los Angeles, co-living has become
the #2 candidate in
a natural solution with its decreased costs (20% average
the world for
discount versus living alone) and added benefits of
offering a cohesive community. Co-living operates by co-living units
tenants sharing units and amenities assisted by a skilled
operator. It is no surprise that millions of dollars are being
allocated towards new co-living projects.
Co-Living Rents (1 Bed)
G8 (Marina Arts District) $1,995/Mo
Tree House (Hollywood) $1,675/Mo
Private Residences (Mid-Wilshire) $1,555/Mo
Private Residences (Beverly Hills) $1,553/Mo
121070 Holt
Short Term Stay
Over the past 10 years, the short term stay/
corporate housing segment of rental housing
grew from a $2.47 billion revenue industry to
$10 billion. Typically, corporate housing tenants
stay on average for 3 months (minimum stay is
31 days). Units come fully furnished and create
an experience closer to your own home but with
the conveniences typically provided by a hotel.
As Beverly Hills and West Hollywood remain
top travel destinations in the United States, the
demand for corporate housing will remain robust
through current and future economic cycles.
C or por ate Housin g R en t s (1 Bed )
8500 Burton (Beverly Hills) $7,000/Mo
AKA Beverly HIlls (Beverly Hills) $6,950/Mo
Villa Carlotta (Hollywood) $5,100/Mo
Condominium
Conversion
The Property offers an investor an additional
exit strategy as 1070 Holt could be converted
into for-sale, Class “A” condominiums. Sales at
nearby communities have for sold nearly $800/
SF for two- and three-bedroom floorplans which
signals the clear demand for attached for-sale
product. Furthermore, the neighboring parts of
Beverly Hills, immediately adjacent to the Prop-
erty, have seen condominiums sell for roughly
$1,075 per square feet signaling incredible future
appreciation prospects as more affluent buyers
begin to spill over into the area.
131070 Holt
N
WESTWOOD
PURPLE LINE EXTENTION
PUR PLE LINE OPENING
Properties Values
Surrounding the New
Station to Rise Sharply
The D Line (formerly known as the Purple monumental moment in Los Angeles history
Line) 9-mile extension is currently under will only elevate both property values and
construction to connect Downtown Los rents.
Angeles to Westwood, which fulfills a plan
originally conceived in 1961. By 2023, the Future plans are being made to connect
Wilshire/La Cienega Station (0.6 miles from the D Line with the B Line (formerly the
the Property) will be completed to create Red Line) and E Line (formerly the Expo
traffic free connectivity from Westwood/ Line), which will make Beverly Hills and its
Beverly Hills to Downtown Los Angeles. immediate surroundings one of the major
The enhanced mobility created by this central hubs of all Los Angeles.
141070 Holt
WILSHIRE/LA CIENEGA STATION WILSHIRE/LA CIENEGA STATION
Estimated Completion 2023
DOWNTOWN LOS ANGELES
LA
CIE
NE
GA
BL 3 Minutes to Beverly Hills
VD
10 Minutes to Century City
0.6 MIles (13 Min Walk)
20 Minutes to Westwood
25 Minutes to Downtown LA
For the first time in LA History, residents will be able
to freely access Beverly Hills, Century City, Downtown
LA, and Westwood through an interconnected
subway system. Not only will future residents of 1070
Holt pay premiums for traffic-free mobility to major
destinations in the region, the area surrounding 1070
Holt will benefit from a new wave of urban amenities
as numerous studies confirm transit oriented locations
receive more public/private investment than non-
transit oriented locations.
151070 Holt
Surrounded by
50 MILLION SF OF OFFICE
The Property is located in the center of Los Angeles and is surrounded by booming
employment hubs within a 5 to 20-minute drive. Due to its convenient location,
residents of the Property have immediate access to tech giants, such as Google and
Apple, top media companies, such as HBO and Netflix, and industry leaders, such
as Cedar Sinai, William Morris Agency, and Sheppard Mullin. There is no shortage of
high-earning individuals that will see the value of the convenient location, superior
amenities, and higher end finishes offered by 1070 Holt.
1070
Holt
16Netflix
Gensler
CAA
17Superior Amenities to
Other Luxury Communities
The Property boasts luxury amenities not found
in the immediate area including a fitness center
and luxury rooftop deck with unobstructed 360°
views of Century City, Bel Air, Hollywood Hills,
and Downtown Los Angeles.
18Higher-End Finishes
with Built In Cabinetry
Designed with a long term hold mindset, the
Developer of 1070 Holt spared no expense in
the design and construction of the project. The
next level of luxury finishes, appliances, built
in cabinetry and spacious floor plans clearly
separates the project from the small smattering
of newer buildings in the submarket.
19Walkability to Expansive Parks,
Sports Court, and Athletic
Fields is a Clear Leasing
Advantage for 1070 Holt
Perfectly suited to capture the growing base of families in
the area, 1070 Holt is just a five minute walk to La Cienaga
Park and La Cienaga Tennis Center, a 730,000-square
foot facility that includes three baseball diamonds, sixteen
lighted tennis courts, jogging facilities, outdoor exercise
equipment, and clubhouses. As residents continue to place
greater importance on exercise, walkability and access to
park space, properties such as 1070 Holt will experience
above average rent growth.
20La Cienega
Park
211070 Holt
WIL
SHIR
E BL
VD
S. ROBERTSON BLVD
PUBLIC
RECREATION
SPACE
High Barriers
TO ENTRY W. OLYMPIC BLVD
Regulation and Low Density Zoning
Prevents New Product from Entering CITY OF
this Strategic Pocket of Los Angeles BEVERLY HILLS RESIDENTIAL
ZONING
SINGLE FAMILY
Centrally located to Beverly Hills, West Hollywood,
and Miracle Mile, and within a 5 minute drive to the 10
ZONING
freeway, 1070 Holt’s location is a strategic advantage
over other luxury buildings in markets where traffic and
distance makes it extremely difficult to maneuver in and
out of areas. While the threat of new supply coming
online to compete with existing stock is a general
concern, 1070 Holt exists in a unique pocket of LA where
1070
Holt
historic overlay zones and single-family zoning prevent
any new multifamily development from coming online.
221070 Holt
LOW DENSITY ZONING
WITH EXISTING RENT
CONTROLLED BUILDINGS
COMMERCIAL
ZONING
HISTORICAL
PRESERVATION
OVERLAY ZONE
Although the immediate area surrounding the property has seen
some new construction and is zoned multifamily, 95% of the existing
uses are rent controlled apartment buildings. Recent regulations
including SB330, make it extremely onerous to tear these buildings
down which in turn creates a regulatory barrier to entry that funnels
demand toward the few luxury buildings like 1070 Holt.
W. P
ICO
BLVD
2324
1070 Holt
Summary of
Of fer ing
SUMMARY
Location: 1070 S Holt, Los Angeles, CA 90035
Price: $25,450,000
Land Area (SF): 17,474
Zoning: R3-1-O
Assessor’s Parcel #: 4332-025-034
Units: 29
Approx. Gross Sq. Ft.: 47,730
Approx. Rentable Sq. Ft.: 44,178
# of Buildings: 1
# of Stories 5
Year Built: 2021*
Parking: 77 Spaces
*TCO was issued in 2020
INTEREST OFFERED
100% fee simple interest in a 29-unit multifamily asset located at 1070 S Holt,
Los Angeles, CA 90035.
TERMS OF THE SALE
Property is being offered on a free and clear basis.
PROPERTY TOURS
Prospective purchasers are encouraged to visit the site prior to submitting
offers. Please do not contact the on-site management or staff without prior
approval. All Property tours must be coordinated through the listing team.
25Exclusively Listed By:
Paul Darrow
(310) 706-4402
pdarrow@marcusmillichap.com
CA License: 01700955
Kevin Green
(310) 706-4416
kgreen@marcusmillichap.com
CA License: 01420176
Joseph Grabiec
(310) 706-4417
jgrabiec@marcusmillichap.com
CA License: 01748327
Greg Harris
(310) 706-4407
gharris@ marcusmillichap.com
CA License: 01186953
Faraj Kerendian
(323) 640-7000
faraj@kerendianproperties.com
CA License: 01022002You can also read
