GIDI Cohen Founder and CEO of CGI and 4646 Los Feliz Boulevard (Credit: Google Maps)
L.A.-based CGI Strategies has acquired a 78-unit complex in Los Feliz for $20.2 million.
CGI said it plans to immediately renovate the infrastructure of the 3-story community at 4646 Los Feliz Boulevard, as well as the units as they become vacant.
The apartments have not been significantly updated since they were built in 1973. The property was 94 percent leased at closing.
The property is on a nearly one-acre lot that straddles a gas station.
Gidi Cohen, CGI’s founder and CEO, said the property benefits from its proximity to thriving neighborhoods like Silver Lake and Hollywood, and to the nearby Vermont/Sunset Metro station.
The acquisition, which closed in late December, was completed with financing from Bank Leumi, and it was arranged by Shlomi Ronen with Dekel Capital. Tony Azzi with Marcus & Millichap represented both parties.
In 2018, CGI started or completed construction on six multifamily developments in Los Angeles and New York. The firm opened The KODO, a 60-unit hotel-style residential development in Koreatown, and completed its renovation of the historic Villa Carlotta in Franklin Village. The firm also started construction on the 122-unit Mariposa, and has plans to add 173 units at a new building on Mariposa and Fedora Street.
Los Feliz is known mostly for single-family residential properties, like Cecil DeMille’s home, which just sold for $8.5 million. But it recently has seen more multifamily development. In August, a Palo Alto firm bought a 134-unit complex there for $55 million and plans to remodel as well.
Source: The Real Deal Los Angeles