Winstar Buys Four Hollywood Parcels for $27.8M

Winstar Properties acquired four Hollywood parcels, including The Gershwin, for a combined $27.8 million, below the 2019 purchase price.

Updated on Nov. 11, 2026 in Commercial

Bold flat-color editorial illustration of a plain masonry apartment block facade with stacked windows above a parking plane, in navy, cream, and red. — Winstar Properties bought four Hollywood parcels, including The Gershwin, for a combined $27.8 million, below the $46 million sellers paid in 2019. AI Illustration. Upload story photo >

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Winstar Properties acquired four parcels in Hollywood for a combined $27.8 million through its entity Hollywood Gershwin LLC. The sellers, Lari Gershwin LLC and Lari Garfield LLC, sold the properties for a drop from the $46 million paid in 2019.

Why it matters

The sale shows a price decline on Hollywood properties that changed hands only a few years earlier, a signal relevant to Los Angeles commercial and residential real estate. The deal also adds nearly 200 units of Hollywood housing to a major local investor's portfolio.

The combined $27.8 million price compares with the $46 million the sellers paid in 2019, a reported loss of about $18 million. The figures come from reported transaction data, and the source does not address Winstar's plans for the properties.

The players

Winstar Properties

Winstar Properties is a Los Angeles-based real estate investment firm that has been acquiring multifamily properties across the city.

Cushman & Wakefield

Cushman & Wakefield is a global commercial real estate services firm whose broker Marc Renard represented the seller in this transaction.

Cityview

Cityview is a local developer that bought the properties in 2019 and shares an address with the sellers.

The details

Winstar made the acquisitions through Hollywood Gershwin LLC, which secured a nearly $20 million loan with EverBank before the deal closed. The parcels include The Gershwin at 5533 Hollywood Boulevard, a century-old former St. Francis Hotel converted to residential use in 2013, along with 1714 and 1722 Garfield Place and a parking lot at 1733 North Western Avenue.

2019: Cityview bought the properties for $46 million.
2023: Winstar bought MetWest on Sunset for $27.5 million.
Third quarter (2026): Los Angeles multifamily vacancy measured at 5.4 percent.

Market Landscape

Los Angeles multifamily vacancy eased to 5.4 percent in the third quarter, down from 5.5 percent in the prior three-month period. Winstar's purchases occur against this slightly tightening rental market, while Decron Properties paid $114 million for the 163-unit 5550 Wilshire at Miracle Mile.

For Los Angeles renters in Hollywood, the transaction signals that the new owner now controls nearly 200 units, which could affect future leasing and management in those buildings. Residents and prospective tenants should watch for any changes in rents or management at these addresses.

The takeaway

Lower-priced Hollywood deals amid a slightly easing vacancy rate suggest buyers may find opportunities in the Los Angeles market. Renters and investors alike should track how these shifts affect rents and property values.