Los Angeles — AvalonBay has purchased a 5.8-acre land parcel in Hollywood for more than $100 million.
The parcel is located at 6677 Santa Monica Blvd. AvalonBay plans to demolish the existing site where it will build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units.
The project is currently in the pre-development stage. CBRE’s Curtis Palmer, Anthony Muhlstein and Peter Sherman represented the buyer. The seller was Calico and Tinseltown.