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EDITOR: Andrea Kirk
GOLDRICH KEST PURCHASES PRIME APARTMENT BUILDING IN WEST HOLLYWOOD WITH EYE ON IMPROVEMENTS
|Community in West Hollywood|
Time(s): 10 am
Address: 7051 Lanewood Ave, Los Angeles, CA 90028
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Culver City-based Goldrich Kest, one of California’s finest and most successful real estate builders and property managers for six decades, has acquired Infinity West, a 43-unit garden-style apartment building in West Hollywood for $23.65 million. Infinity West is situated near the intersection of Sunset Blvd and La Brea Ave with a walkability score of 89 so most errands can be accomplished on foot with easy access to restaurants, retail stores and parks.
According to Goldrich Kest President Carole Glodney, more than $500,000 will be invested into the property that was built in 2012. It offers studio, one- and two-bedrooms units that include amenities such as a fitness center, conference room and secured parking.
“West Hollywood is one of Southern California’s most desirable and trendy communities known for its high-energy nightlife, eclectic dining scene, comedy clubs and live music venues,” said Glodney. “Infinity West is a welcome new addition to the Goldrich Kest portfolio.”
The company was founded by Jona Goldrich and Sol Kest, both Holocaust survivors who have since passed. They launched their company in 1957 with $200 in their pockets and parlayed that into an extensive portfolio of residential, commercial, industrial, and retail space.
Among their projects are 120 apartment buildings with 13,188 units, 5 marinas with 2,139 slips, 24 senior living facilities with 4,248 beds, and more than 11 million square feet of commercial space. Seventy of their apartment buildings accommodate low-income families and Goldrich Kest offers free after-school and summer programs to keep its young residents engaged and eager to learn.
Goldrich Kest were innovators in their field having been major proponents of condominiums during their infancy in the 1960’s and building senior living facilities starting in 1965. By 1968, the company was a pioneer developer in Marina Del Rey where they built one of the first luxury apartment/marina complexes in what was previously considered swampland.
In 1970, they entered the Northern California market by unveiling San Jose Gardens Apartments and the next year extended their footprint to San Diego with the opening of Genesee Park Apartments. Throughout the 1970s and 1980s construction boom, Goldrich Kest continued adding government-assisted housing to its portfolio and rapidly became one of California’s largest developers of government-assisted apartments. In the 1980s, the company expanded outside of California for the first time.
For more information about the company, visit goldrichkest.com
About Bolour Associates -- BUILDER OF INFINITY WEST
Bolour Associates is a privately owned real estate investment, development and finance company. With 35 years of industry expertise, the firm has a solid track record of creating value through innovative real estate strategies. The firm’s associates execute complex real estate transactions and employ a creative approach to generating sustainable growth. Bolour Associates’ commitment to the highest standards of integrity is the hallmark of its business. Headquartered in Los Angeles, Bolour Associates is a leader in the commercial real estate market with a focus in California and the southwest regions of the United States.
About HFF -- REPRESENTED BOLOUR ASSOC. IN SALE OF INFINITY WEST
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A; and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF onTwitter @HFF.
NOTE: It is always a good idea to verify date, time, location and other information prior to going.
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