Prime Location in Hollywood Hills

Candela is strategically located in the Franklin Village neighborhood of Hollywood Hills. This enclave is known for its vibrant cultural atmosphere, with a rich offering of gourmet restaurants, organic food stores, and entertainment that attracts both locals and visitors. The location not only provides an enviable lifestyle, but also guarantees high rental demand, which is crucial for a successful investment.

Financial Details of the Purchase

Cityview’s acquisition of Candela closed for $1,400,000,000. To put this into perspective, the previous owner, Raintree Partners, had acquired the property for $1,400,000,000 in 2018. This reduction in purchase price is significant and gives Cityview a head start in terms of return on investment. The $1,400,000 difference reflects not only a strategic purchasing opportunity but also a changing market environment in Los Angeles.

An Oasis of Luxury: Candela Features

Candela is not just a place to live; it is a lifestyle in its own right. The community offers one- and two-bedroom apartments, each meticulously designed to combine comfort and luxury. Residents enjoy high-end amenities, including an indoor-outdoor entertainment lounge, a luxurious pool and spa that rival any five-star resort. Additionally, the community features a co-working lounge with a conference suite and a state-of-the-art TRX-equipped fitness center.

Complex Status and Occupancy

Currently, Candela has an occupancy of 96%, which speaks to its popularity and demand in the rental market. Over the past six years, significant improvements have been made to both amenities and unit renovations, ensuring that the property remains updated and attractive to potential tenants.

Transaction Intermediation

The purchase was brokered by experts Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors. Westhome, a subsidiary of Cityview, will manage the property, ensuring that the level of quality and service that Candela residents have come to expect is maintained.

Strategic Importance of Purchasing

For Cityview, acquiring Candela is not just a financial move; it is a key piece in its value-added strategy. The development’s location, coupled with its exceptional features, represents an opportunity to implement improvements that will increase its value over the long term. Furthermore, having been acquired below replacement cost, the property has significant scope to generate attractive returns.

Cityview’s acquisition of Candela is a testament to how a well-planned investment can enhance not only a company’s portfolio, but also provide a positive impact on the local community. The Hollywood Hills remains an iconic and desirable place to live, and with Cityview at the helm, Candela is set to thrive and become one of the most sought-after communities in the area.

If you are interested in more real estate success stories or are looking for similar investment opportunities, please feel free to contact me. I am here to help you navigate this fascinating world of real estate in Los Angeles.