More residential properties are being added to the market in Los Angeles. The Golden Era Collection, a four-property multifamily portfolio consisting of 29 units has recently been placed up for sale. According to marketing information from Compass, the properties can be purchased individually or for a combined price of $32.28 million.
The four properties are owned by Los Angeles interior designer Morgan Brown of Morgan Brown Designs and range in price from $5.85 million to $13 million. Additionally, the portfolio consists of several historic buildings with restoration and designs from Brown.
“These properties have been thoughtfully renovated to deliver a top to bottom turnkey offering. From lush landscaping to common areas to the units themselves, they have all been upgraded with no expense spared. The owner has curated this collection of properties over a few years. It is a once in a lifetime opportunity for all of these iconic, historic properties to be available at one time. For an investor to acquire a portfolio like this all at once is a very rare occurrence,” said Kenny Stevens of Compass.
The first of the four properties, Hillcrest Terrace, was built in 1912 and features six upgraded units. Located at 1908-1906 Hillcrest Road near the Hollywood Hills, the property is being offered at $5.85 million, or about $975,000 per unit.
Villas of Venice also offers six restored bungalows. Located at 315 Vernon in Venice, the property was built between 1906 to 1922 and is listed for $6 million, or about $1 million per unit.
Patio Del Moro also offers seven historic units that were once home to Charlie Chaplin, Humphrey Bogart and Joyce Van Patten. Located at 8225 Fountain Ave. in West Hollywood, the property has been on the National Register of Historic Places since 1986 with the Mills Act in place. Patio Del Moro was initially built in 1926 and is up for sale with guidance pricing set at $7.425 million, or just over $1 million per unit.
The largest of the four properties is Las Orquideas, a historic nine-unit property in the Hollywood Hills. The 1920s-era property is located at 1903 Orchid Ave. and is being offered at $13 million, or about $1.4 million per unit, according to the offering memorandum.
The property is also currently under the Mills Act, which offers a financial incentive to owners for investing in historic preservation.
“These properties have been around over a 100 years and each evoke Los Angeles’ rich history and culture. Las Orquidea is a whimsical complex designed in the early days of the Golden Era of Hollywood by Cecil B. DeMille’s frequent art director, Wilfred Buckland,” Stevens said. “The Venice Villas offer masterfully restored bungalows that showcase classic Craftsman bungalow architecture with a fun eclectic twist mirroring the Venice community’s aesthetic. The Mills Act program protects the integrity of these historic buildings while also offering buyers a financial incentive for historic preservation.”