Villa Gramercy, a landmark 12-unit Art Deco apartment building that is one of the few remaining examples of that celebrated architectural style that once dominated much of early 20th Century Los Angeles, has been sold in pristine condition for $2,350,000, according to Colliers International.
Kitty Wallace, an executive vice president and investment specialist in the West Los Angeles office of Colliers International, represented the seller, Lion Gramercy LLC, in the transaction. The buyer was identified only as a private trust based in Los Angeles.
Built in 1929 when Herbert Hoover was president, and located at 341 S. Gramercy Place near the confluence of Koreatown, Hancock Park, and Hollywood, the Villa Gramercy has undergone major interior renovations, exempting it from the city’s rent control requirements, Wallace said.
“The fully restored building has always drawn the attention of both motorists and pedestrians along Gramercy Place due to its striking architecture and its location,” Wallace said. “The fact that its original Art Deco design has been so carefully maintained over the decades has made it a magnet for those interested in Southern California’s unique look that was so much a part of the early part of the last century in Los Angeles.”
The fully-secured building comprises 12 large two-bedroom, one-bathroom units measuring approximately 1,200 square feet each. Individual units contain hardwood floors, upgraded stainless steel appliances, original Malibu tiling in both the bathrooms and kitchens and high ceilings with designer light fixtures. The building also features extensive landscaping, a common patio area with outdoor barbeque grill, and a laundry facility.
“This neighborhood, which is so central to much of the city, has always been a prime area for multi-family investors,” said Wallace. “Investors are drawn to this pocket of the city because of its historically high occupancy rates and its central proximity to jobs, schools and cultural attractions..”