Slate Property Group Principal Martin Nussbaum, with the Villa Elaine Apartments (Credit: Apartments)
Slate Property Group, a New York City-based real estate investment and development firm, has paid $39 million to acquire two multifamily properties in Hollywood, The Real Deal has learned.
The off-market deal, which closed Thursday, marks the first investment in Los Angeles for Slate, a player in New York’s real estate market.
The portfolio includes the historic, 102-unit Villa Elaine Apartments at 1245 Vine Street, as well as a smaller 55-unit complex at 1665 Sycamore Avenue.
A family trust controlled by Chandler Jones sold both properties, property records show. Both buildings had remained in the trust for more than 50 years.
Zac Freehling, Jason Shenitzer and Michael Aspinwall of Pacific Partners Real Estate Investments brokered the deal.
The Villa Elaine Apartments is one of the many historical sites in Hollywood. Built in 1925, the five-story building was once the home of Frank Sinatra, Orson Welles and Man Ray, according to several reports. It’s since been used as a popular filming location, featured in films including “Terminator 2: Judgment Day,” “Hard Target,” and “Falling Down.”
There are also four retail suites on the ground floor and a courtyard designed by Lewis Smith, best known for the Vista Theatre in Los Feliz.
Slate also acquired a 38,500-square-foot property at Sycamore Avenue, located just off Hollywood Boulevard.
The new ownership will make some improvements to the buildings, but largely preserve the original structures, Freehling said.
Slate, led by Martin Nussbaum and David Schwartz, did not respond to requests for comment.
Source: The Real Deal Los Angeles