LOS ANGELES—M West Holdings has purchased the historic, 101-unit Guardian Arms apartment complex here, which includes 9,000 sq. ft. of ground-floor retail.

Constructed in 1928, this seven-story hotel quickly became the destination for many Hollywood film stars due to its prestigious address and spectacular unobstructed views, which include the Hollywood sign and Griffith Park Observatory.

Karl Slovin, president of M West, says the company will complete a renovation plan that includes the façade, the lobby, hallways and unit interiors.

"We are extremely excited to become a part of the rapid transition in Hollywood by adding an irreplaceable 1928 vintage property on Hollywood Boulevard to the portfolio. This acquisition represents our ninth major acquisition in Southern California," Slovin says in a statement. “The property is situated in East Hollywood, a historic neighborhood currently experiencing a rapid renaissance, and is bordered by Central Hollywood and Los Feliz.”