The lovely and very posh El Royale apartment building in Hancock Park has sold for $29.5 million, or $526,786 per unit--that's the "highest price per unit paid for a Southern California apartment building," according to the LA Times. Makes sense: the 12-story El Royale, built in 1929 and designed by William Douglas Lee (of the Chateau Marmont), is probably the most desirable rental building in town. Tenants over the years have included Clark Gable, William Faulkner, Ben Stiller, Judd Apatow, Katie Holmes, and Josh Brolin; rents average $3,462 per month. The building's long-time owner died a few years ago, and then its long-time manager retired, and the building finally hit the market this past summer.
The new owners are "Kamran Hakim, one of the largest private landlords in New York, and Santa Monica real estate attorney Farhad Eshaghpour." The building has 56 units, some with as many as five bedrooms (plus fancy amenities like valet service and a concierge). Eshaghpour says "We look forward to improving and preserving this asset and continuing its tradition of excellence."
· Celebrity magnet El Royale tower said to sell for record price [LAT]
· Hancock Park's Celebrity-Packed El Royale Apts. For Sale [Curbed LA]