Old Hollywood Building Gets a Facelift
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CGI doesn't always stand for computer-generated imagery—even in Hollywood, where LA-based CGI Strategies acquired Villa Carlotta, a 50-unit apartment building in Hollywood's Franklin Village submarket. CEO Gidi Cohen and principal Adrian Goldstein say the historic building has nearly 100 years of Hollywood charm and is irreplaceable. They're launching a capital improvement program to restore the building to its former glory. (Or in Hollywood terms, a nip and a tuck.)
The building's been untouched for the past 50 years. While the planned renovation focusing on unit interiors and common areas will keep the exterior intact, the new owners are considering adding awnings, which the Carlotta sported in some of its earliest pics. Back in Hollywood's heyday, Villa Carlotta was home to the likes of Edward G. Robinson, David O. Selznick, Marion Davies, and Louella Parsons. Silent film producer Thomas Ince's widow built the Carlotta in 1926 as an apartment house for Hollywood VIPs. (Besides working in the movies, name-dropping was the second biggest activity.)
The property was named an LA Historic Cultural Monument in 1986. The building's 1,500 SF lobby features hand-painted coffered ceilings and mahogany woodwork. CGI plans to reposition the property as luxury rentals, but a number of furnished, extended-stay apartments catering to entertainment and tech execs in Hollywood on business will be offered, too. New amenities will include a rooftop lounge with views of the Hollywood sign. Marcus & Millichap repped both sides.