Friedkin Property Group Acquires La Belle Hollywood Tower for $52.2M

Friedkin Property Group acquired the 146-unit apartment building known as La Belle Hollywood Tower for $52.2 million, or $357,000 per unit. LaSalle Investment Management had acquired the property located at 6138 Franklin Ave. in 2015 for $63 million. The building includes a mix of studio and one- and two-bedroom apartments.

San Francisco-based Friedkin Property Group is a privately held, national owner and operator of commercial real estate. It was founded in 1967 and owns apartments, retail, office and industrial properties in 14 states. Although it owns 19 properties in California, the Hollywood apartment is only the second property that it has acquired in Southern California. It also owns Tuscany Village Apartments in Ontario.