The iconic El Royale in Los Angeles, home to Hollywood's elite for decades, has been sold for $29 million. The 56-unit rental building, located on Rossmore Avenue in Hancock Park, traded hands for $526,786 per unit, the most amount ever spent per unit for a Southern California multifamily property, according to real estate brokerage Institutional Property Advisors, which announced the sale Monday morning.
The doorman building, known for its green neon sign, was previously owned by a Los Angeles-based family trust. The buyers were New York developer and investor Kamran Hakim and real estate professional and Santa Monica real estate attorney Farhad Eshaghpour.
“El Royale is one of the most iconic and celebrated apartment communities in all of Los Angeles County,” said broker Ron Harris of Institutional Property Advisors, who represented the seller. “Because of its prime location and incomparable architecture and design, this trophy asset received intense interest from private and institutional investors alike who were seeking an urban infill asset with tremendous upside potential.”
The 12-story apartment building, among the tallest in Hollywood, has housed various celebrities including Clark Gable, William Faulkner and Charlie Foy in the earlier days, and more recently, Nicolas Cage, Jack Black and Judd Apatow.
"El Royale is my favorite place I've lived to date," former resident and Paranormal Activity producer Jason Blum told C Magazine in 2010.
Other celebrities such as Ben Stiller, Uma Thurman, Katie Holmoes, and Cameron Diaz have rented at the El Royale alongside such former residents as CAA agents Kevin Huvane, Bryan Lourd, Jim Toth and Brian Siberell. The property's colorful cast of residents inspired John Hamburg's CBS TV show, Welcome to the Captain, according to C. The tower was built in 1929 and is situated across the street from the Wilshire Country Club.
The sellers were also represented by Stewart Weston and Joseph Smolen of Institutional Property Advisors, a division of Marcus & Millichap.