Hollywood classic Lido Apartments sold for $9.4 million

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The historic Lido Apartments in Hollywood have been acquired by Lowe Enterprises for $9.4 million, the Los Angeles investment and development company announced Monday.

The 100-unit complex at 6500 Yucca Street was built in 1928 to be a hotel-apartment for actors. At that time, actors were viewed with such disregard that they were often turned away by other landlords. The Lido was converted to traditional apartments in the 1990s. By then it was already a local landmark. Members of the Eagles posed in its two-story lobby for the back cover of their ‘Hotel California’ album in 1976.

‘The Lido is a distinctive property with an interesting history tied to the entertainment industry,’ said Rick Newman, president of Lowe Enterprises Real Estate Group.

Lowe said it would begin work immediately on improvements to the five-story building including renovating the lobby, upgrading other common areas and the mechanical systems and putting new landscaping in its courtyard.

The purchase was financed by Lowe California Community Fund, an investment fund targeting Southern California residential and retail properties in urban areas. Lowe did not disclose the name of the seller, but real estate data provider CoStar Group identified the previous owner as a limited liability corporation called Ap Lido.

-- Roger Vincent