THE JAMES OF HOLLYWOOD
In January 2020, CGI purchased The James of Hollywood, a 73-unit luxury multifamily and extended stay property located in heart of Hollywood, California. The building first opened in 1927, as the movie industry took root in Los Angeles.
The asset is comprised of a 73-unit, 49,966 sq. ft. existing structure and a 18,488 sq. ft. parking lot. The James property has been renovated with a complete program including upgraded exterior treatments and finish/FF&E upgrades to the interior common areas, including the lobby, gym, and courtyard. Additionally, CGI was able to reposition 44 of the 73 units in the first four months of 2020.
We also plan to develop a 53-unit apartment building “Cherokee” on the adjacent parking lot. Construction on the new building is expected to begin in January 2021 subject to completion of the final project approvals and will last approximately 18 months. The structure will have 5 residential floors and 2 stories of parking at and below grade.
Situated on North Cherokee Avenue between Franklin Avenue and Yucca Street, the property is situated is one block north of Hollywood Boulevard and the walk of fame. In addition to being the #1 visited destination in Los Angeles with over 25 million visitors annually, Hollywood is a thriving creative community that is rapidly expanding.
|Property Address:||1830 N Cherokee Avenue|
|Acquisition Date:||January 2020|
|Asset Type:||Luxury multi-family and extended-stay|