Wilshire Skyline achieves Nirvana with apartment purchase.

SOME things never go out of style in Hollywood --like Grauman's Chinese Theater.

So, it makes sense that a nearby apartment building that may have served as the architectural inspiration for the famed venue is a hot property in the current Hollywood renaissance.

The Nirvana, a 44-unit building at 1775 N. Orange Drive, has sold for $5.9 million. Constructed in 1925 in Oriental Revival style, the building is a Los Angeles Historic Cultural Monument and opened two years before the Chinese Theatre.

Wilshire Skyline Inc. purchased the building from Sebren Development Inc. Brian Nissel of Wilshire Skyline said that he was interested in Hollywood property and the Nirvana, with its hand-carved dragons and pagoda-style roof, instantly caught his eye.

"It's breathtaking," Nissel said. "I did research on the building and some people think it may have inspired the architecture of Grauman's."

Sebren renovated part of the 36,098-square-foot, four-story building over the last two years, adding hardwood floors and restoring exposed brick walls, according to Darin Beebower of Madison Partners, who represented both sides of the deal. The sale value breaks down to about $163.44 per square foot.

"There is still tremendous potential to add value. Rents will be raised. Only roughly 30 percent of the units have been renovated," Beebower said.

Linda Dishman, executive director of the Los Angeles Conservancy, said that in the 1920s revival style architecture of all types was very popular in Los Angeles.

"You had the Egyptian Revival architecture that coincided with the opening of King Tut's tomb and at the same time you have this whole Spanish Colonial Revival architecture," she said, adding that it was as if people said: "Let's look around the world, and recreate and reinterpret architecture for Los Angeles."

Staff reporter Daniel Miller can be reached at [phone], ext. 263, or [e-mail].