Mixed-Use Living Taps into Hollywood’s New Tenant Base

The new El Centro Apartments and Bungalows in Hollywood is targeting a new tenant base in Hollywood. In the last few years, office growth in the Hollywood market has attracted major companies to migrate to the market—like Netflix and Viacom—and the shift has created new demand for high-quality and more sophisticated living options in the market. A joint venture between DLJ Real Estate Capital Partners and Clarett West Development has completed development of the El Centro Apartments & Bungalows targeting this new demographic.

“We focused on trying to create a respite from the hustle and bustle of Hollywood Boulevard,” Andy Rifkin, a managing partner at DJL Real Estate, tells GlobeSt.com. “We’re looking to do something a little more sophisticated with this project, and we brought in a design group called Commune. The combination of very strong landscape plans and a very focused, modern design plan was really what we wanted for El Centro.”

The developer has been an active developer in Hollywood, and has witnessed the shift in tenant demand after completing its last apartment project a few years ago. “We certainly saw Hollywood changing. We did the project across the street three-to-five years earlier,” says Rifkin. “It is interesting because at that time Hollywood was just starting to turn, and we were looking to do something a little simpler. As we saw Hollywood become more sophisticated with a different tenant base, we thought we could offer something a little more modern and luxurious. This project is targeting the upscale tenant base.”