Los Angeles, Calif., June 30, 2025 — Colliers is pleased to announce the $ $22,950,000 sale of two multifamily properties totaling 68 units in Hollywood—Mansfield Terrace and Palms View—on behalf of the Seller, Omninet. Located west of Highland Avenue, the two properties are late 1980s construction and are not subject to City of Los Angeles rent control. Represented by Colliers’ Vice Chair Kitty Wallace, the properties sold to separate private buyers attracted to the strong in-place cash flows and rental upside in the growing Hollywood market.
“These two sales highlight the confidence investors have in Hollywood’s long-term fundamentals,” said Wallace, who represented Omninet in both transactions. “We’ve seen a clear rebound in demand. Asking rents in Hollywood are projected to rise nearly 25% over the next five years. With top-of-market fundamentals and extraordinarily high barriers to entry, investors continue to recognize the value in acquiring quality, well-located assets in Los Angeles neighborhoods poised for significant growth.”
Built in 1988, 1318 N. Mansfield Avenue (Mansfield Terrace) features 32 one-bedroom units surrounding a charming center courtyard and red tiled roof. Located west of Highland Avenue, the property sold for 95% of the list price at approximately $532 per square foot and $342,000 per unit, with all one-bedroom floor plans. The buyer, a private investor, was drawn to the property’s immediate income potential, with a 5.43% in-place cap rate and a pro forma cap rate of 6.84%.
Palms View, located at 1229 N. Mansfield Avenue, was built in 1989. The 36-unit building sold for $12 million and closed quickly with a 1031 exchange buyer at 89% of the list price with a quick 17-day due diligence period. The property traded at a 6.06% in-place cap rate, with a projected 8.13% pro forma return, which provided a clear path to closing the loss-to-lease gap and capturing rental upside.
The properties are ideally located within a mile of Ovation Hollywood, the Dolby Theatre, and the Hollywood Walk of Fame, offering residents a “Walker’s Paradise” with a Walk Score of 95. Surrounded by leading entertainment employers—such as Netflix, Paramount Pictures, and Walt Disney Studios—the neighborhood continues to attract young professionals and creatives. In May 2023, the City approved the Hollywood Community Plan Update, which paves the way for up to 35,000 new housing units and 29,000 jobs over the next 20 years. The plan emphasizes transit-oriented development, affordable housing, and sustainability, reinforcing Hollywood’s position as one of Los Angeles’ most dynamic submarkets.
