VILLA CARLOTTA

Villa Carlotta is a 50-unit Spanish Colonial-style structure located in the authentic Hollywood enclave of Franklin Village. The four-story building was designed by Arthur E. Harvey, who also designed the nearby Château Élysée. Built in 1926 for the widow of Thomas H. Ince, Villa Carlotta was designated a Los Angeles historical cultural monument in 1986. Former notable tenants included actor Edward G. Robinson, actress Marion Davies, writer William Saroyan, film producer David O. Selznick, and architect Wallace Neff. The building has a U-configuration with common areas that include an attractive entrance, dramatic lobby with vaulted ceilings, and outdoor courtyard area with tranquility fountains. The location enjoys a stone’s throw walk to restaurants, bars, shops, and Gelson’s Super Market near major entertainment studios and world class entertainment venues. The building had been handicapped by severe deferred maintenance, artificially low rents at over 50% below market, and zero parking. The Developer prepared plans for a major restoration and to place the Villa Carlotta on the National Registry for procurement of historic tax credits to modernize all building systems, including replacement of mechanical, electrical, plumbing and an elevator restoration. The Developer also acquired an adjacent parcel to create parking and additional operational capacity while achieving a 50%+ vacancy factor in less than one (1) year. Tanner & White and its partner (The Lesser Family) elected to sell the building to execute a tax strategy for several 1031 exchanges to acquire notable boutique hotels on the California coastline. $12,250,000.