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CGI Strategies Acquires Historic Hollywood Apartment Building Villa Carlotta
“This is a magical building with nearly 100 years of Hollywood charm and mystique,” said CGI Founder and CEO Gidi Cohen. “Opportunities to acquire buildings like this don’t come along very often. It is a privilege to own and have the opportunity to restore this property to its past splendor.”
The four-story, 46,000-square-
The 50-unit building features a mix of studio and one-bedroom apartments ranging in size from 505 to 706 square feet. The property also includes two, 1,214-square-
The centerpiece of the Villa Carlotta is its 1,500-square-
“The Villa Carlotta is one of the Grande Dames of Hollywood buildings, an irreplaceable asset that has been untouched for the past 50 years,” added CGI Principal Adrian Goldstein. “We intend to unlock its amazing potential with a thoughtful renovation program that will include interior and common area improvements, new building systems and amenities including a rooftop lounge with unobstructed views of the iconic Hollywood Sign. All this will be done while remaining true to Villa Carlotta’s rich architectural integrity and historic charm.”
“The renaissance in Hollywood is real as evidenced by the more than 1,500 rental units now under construction,”
Ronald Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap Real Estate Investment Services represented both parties in the transaction.
About CGI Strategies in Real Estate
CGI is a Los Angeles-based real estate investment and strategy firm that invests in strategically located, ground-up developments and income producing real estate throughout California, New York and key cities in the Southeastern and Southwestern United States, particularly in the underserved secondary or tertiary markets. Its portfolio includes apartment buildings, mixed-use development and broken condominium projects as well as notes secured by those assets.