Historic Hancock Park Apartments on the MarketThursday, July 19, 2012
Hancock Park’s iconic El Royale Apartments, once home to Hollywood elites such as Clark Gable, is for sale for the first time in 50 years.
The 56-unit, 12-story building at 450 N. Rossmore Ave. was built by architect William Douglas Lee, who also constructed the famous Chateau Marmont on Sunset Boulevard, in 1929.
Since then, it’s been home to famous residents such as actress Mae West, Pulitzer Prize-winning author William Faulkner, and contemporary actors Uma Thurman and Ben Stiller.
The one- to five-bedroom units average 1,443 square feet with average monthly rents of $3,462.
It has panoramic views of Hollywood and downtown Los Angeles, a rooftop deck and barbecue, a gym, a business conference room, and 24-hour valet and concierge service. The building features historic wooden-door entries, original herringbone hardwood floors, ornate crown moldings and original 1920s tile.
It’s not clear why the Los Angeles-based family that has owned it since the 1960s is finally ready to sell the property.
The building is being sold through an open-bid process with no asking price. There are no similar buildings in the market for comparable prices but other high-quality apartment buildings such as the NoHo14 in North Hollywood have sold for more than $73 million in the last year.
Ron Harris holds the listing for Marcus & Millichap/Institutional Property Advisors. Stewart Weston and Joseph Smolen at Marcus & Millichap also hold the listing.