Colliers Brokers Sale of 86-Unit The Baxter Multifamily Asset in Hollywood to Faulkner Capital Partners

LOS ANGELES — Colliers has facilitated the sale of The Baxter, a newly constructed 86-unit multifamily real estate asset located at 1818 N. Cherokee Avenue in Hollywood, California, to Faulkner Capital Partners (FCP), the firm announced April 22, 2026. The real estate acquisition closed in under 30 days from purchase and sale agreement to closing, at a price exceeding $400 per square foot.

The seven-story, mid-rise property totals approximately 85,775 square feet and sits above two levels of subterranean parking at the base of the Hollywood Hills. Completed in 2024 by developers CGI+ and Wilshire Skyline, The Baxter features contemporary architecture, designed interiors, and a suite of lifestyle amenities described by the firm as consistent with a hospitality-driven living experience. Three undisclosed sellers were on the disposition side of the transaction.

Multifamily Real Estate Acquisition Reflects Selective Capital Markets

Colliers Vice Chair Kitty Wallace represented all parties in the transaction, including the three undisclosed sellers and buyer Faulkner Capital Partners. Wallace noted that the deal reflects a broader shift in how capital is being deployed across the multifamily real estate sector.

"We're seeing capital become more selective, but it remains active for deals that are well-priced and thoughtfully structured," said Wallace. "Transactions that offer transparency, realistic assumptions, and a clear execution path are still moving forward. This deal reflects how liquidity is prioritizing certainty and disciplined underwriting in today's environment, particularly in established urban markets where basis and long-term fundamentals are compelling."

The transaction occurred within what Colliers described as a highly selective capital markets environment, where underwriting assumptions have reset and investor demand has concentrated around well-located, Class A assets offering durable cash flow, limited near-term capital requirements, and long-term rent growth potential. The property's new construction profile was cited as a factor minimizing near-term capital expenditure requirements relative to older-vintage assets.

Faulkner Capital Partners Targets Supply-Constrained Submarkets

Evan Faulkner, CEO of Faulkner Capital Partners, said the acquisition aligns with the firm's strategy of targeting institutional-quality apartment communities at discounts to replacement cost in supply-constrained, high-barrier-to-entry submarkets.

"The Baxter's modern construction and thoughtful design attract a strong resident base, and combined with Hollywood's durable long-term demand drivers, this asset is positioned to deliver consistent long-term performance for our investors and a high-quality living experience for our residents," Faulkner said.

The property traded at more than $400 per square foot, which Colliers said underscores continued investor demand for newly delivered, Class A multifamily assets. No total sale price was disclosed.

Hollywood Multifamily Market Context

The sale reflects broader trends across Los Angeles's multifamily real estate market. While overall transaction volume remains below historical averages, deals continue to close for assets that meet more rigorous underwriting standards — particularly stabilized or near-stabilized properties in areas with high barriers to entry.

Colliers noted that Measure ULA, the city's transfer tax on high-value real estate transactions, has increased exit costs for property owners, discouraging new development activity and elevating the value of existing, high-quality assets that would be difficult to replicate in the current cost environment. Elevated construction costs and capital constraints have continued to limit new supply in the Hollywood submarket.

Hollywood's employment anchors, established entertainment centers, and transit access were cited as factors supporting long-term demand from a broad renter base. The submarket's limited near-term supply pipeline was also noted as a structural support for existing assets.

About the Broker: Kitty Wallace of Colliers

Kitty Wallace is a Vice Chair at Colliers based in the Los Angeles - Brentwood office. With more than 25 years of experience in multifamily investment sales across Southern California and the broader Western U.S., Wallace has closed more than 800 multifamily transactions totaling over $3 billion in value, according to Colliers. Her practice spans investment sales of multifamily properties including land development, condominium conversions, student housing, affordable properties, and other asset types.

The Baxter transaction is among a series of multifamily real estate deals Colliers has facilitated in the Los Angeles market amid a period of recalibrated pricing and disciplined real estate development activity.