Colliers Closes $16M Sophia Hollywood Multifamily Sale, Marking Hollywood's Highest Price Per Unit in Over Three Years

LOS ANGELES — Colliers has announced the sale of Sophia Hollywood, a 28-unit, Class A multifamily apartment community located at 1759 N. Gower Street in Hollywood, Los Angeles, for approximately $16 million. The transaction closed May 12, 2026, and represents the highest price per unit recorded in Hollywood in over three years, according to the firm.

Kitty Wallace, Vice Chair at Colliers, exclusively marketed and brokered the deal on behalf of a private seller. The buyer was not disclosed.

Deal Details and Property Profile

Sophia Hollywood totals 40,332 square feet across 28 units and was completed in 2024. The property was designed to condominium-quality standards, which Colliers noted creates a potential long-term conversion opportunity for the buyer. Amenities include a fitness center, contemporary lobby, common spaces, and gated parking at 1.75 spaces per unit — a ratio the firm described as exceptionally rare for newly constructed urban infill multifamily real estate in Los Angeles.

Interior finishes include 9-foot ceilings, 7.5-foot doors, expansive balcony spaces, high-gloss white cabinetry with soft-close hardware, stainless steel appliances, recessed lighting, glass-enclosed baths, and in-unit laundry.

"What differentiated Sophia Hollywood was the combination of newer construction, condominium-quality design, and larger floor plans that are increasingly difficult to deliver with elevated development costs and interest rates," said Wallace. "The property offers a level of unit quality, parking, and long-term optionality that resonates with investors. Even with the asset achieving market-leading pricing metrics, the basis remained below what it would cost to replicate in today's construction environment."

Investor Sentiment and Market Context

The transaction reflects what Colliers characterized as a growing trend among multifamily investors who view recent dislocation across California and Los Angeles real estate markets as a buying opportunity. According to the firm, while some capital groups have reduced exposure to the region, a new wave of investors has emerged seeking to capitalize on an attractive entry basis for newly constructed assets.

Wallace noted that investors continue to focus on long-term housing fundamentals across Los Angeles, including the widening gap between the cost of renting and homeownership and a chronic housing shortage that continues to constrain overall supply growth in the region.

"Today's buyers are thinking beyond short-term market volatility," Wallace said. "Los Angeles remains an important employment and cultural hub, and there is a growing recognition that high-quality housing in infill locations will continue to be difficult to build and increasingly valuable over time."

Pricing and Replacement Cost

A key factor underpinning the transaction's pricing was the gap between the sale price and estimated replacement cost. Colliers indicated the asset traded below what it would cost to replicate under current development conditions — a dynamic the firm cited as increasingly relevant as construction costs and interest rates have elevated barriers to new supply delivery across the Los Angeles market.

Sophia Hollywood's parking ratio of 1.75 spaces per unit was specifically cited by Colliers as a distinguishing characteristic that is difficult to achieve in contemporary urban infill development projects.

Colliers and Kitty Wallace

Kitty Wallace has spent more than 25 years in Southern California's commercial real estate industry, with a focus on multifamily investment sales. According to Colliers, she has closed more than 800 multifamily transactions totaling over $3 billion throughout her career. Wallace is based in Colliers' Los Angeles – Brentwood office and leads investment sales across multifamily properties including land development, condominium conversions, student housing, affordable properties, and other asset types across the Western United States.