Larchmont Charter School has quietly closed on Bolour Associates' Hollywood campus in a mid-April deal, picking up a cluster of buildings along Santa Monica Boulevard and adjacent Lillian Way. Because the buyer is a nonprofit, the sale did not trigger Los Angeles' Measure ULA transfer tax.
County records reviewed by reporters show the purchase covered 6325, 6331–6363 Santa Monica Boulevard and 1115–1125 Lillian Way. The deal closed at $20.5 million, which works out to roughly $350 per square foot. As reported by The Real Deal, the Santa Monica Boulevard parcels include several buildings, while the Lillian Way parcels include roughly 20,000 square feet of developable land.
What the Site Includes
Broker marketing materials and public listings show the Santa Monica Boulevard addresses were pitched as retail, office, and school-type buildings with street frontage and on-site parking, and the neighboring Lillian Way lots were framed as a multi-family, R3-zoned development opportunity. Those listings put the combined built space at roughly 39,000 square feet, with the additional Lillian Way land offering room for expansion or new construction, as listed on LoopNet.
How the Deal Was Financed
The acquisition was paired with a charter-school bond package run through the California School Finance Authority, which authorized bond financings for Larchmont this year. Board paperwork from the authority cleared bonds for Larchmont up to $25 million, according to the CSFA agenda.
Preliminary offering documents and investor presentations for the Series 2026 financing show it was structured as a mix of tax-exempt and taxable charter-school revenue bonds, sized at roughly $19.735 million for the Series 2026 issuance. Proceeds are slated to fund the acquisition and improvements to the new campus, according to materials summarized by AVIA Communications.
Why Measure ULA Did Not Apply
Measure ULA, the city's Homelessness and Housing Solutions transfer tax, imposes higher transfer taxes on deals over $5 million, but the ordinance carves out exemptions for certain nonprofit buyers and other public-interest entities. Legal analyses of the measure note that bona fide 501(c)(3) nonprofits, community land trusts, and limited-equity housing cooperatives can qualify for exemptions, which is why the buyer's nonprofit status kept this sale from facing the higher ULA levy, according to commentary in the legal press.
What Is Next for the Campus
Offering documents refer to the site as the Santa Monica or Lillian campus and indicate it is expected to replace Larchmont's Selma campus at 6611 Selma Avenue, according to the bond materials summarized online. Neither Larchmont nor Bolour had issued a public statement about the purchase or the planned move as of publication.
