LOS ANGELES–(BUSINESS WIRE)–July 14, 2022–
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has announced the sale of Vue Los Feliz, a 134-unit apartment building in the Los Feliz neighborhood of Los Angeles, California. The property sold for $64.3 million, or $479,851 per unit.
“The Los Angeles metro area is seeing historically strong multi-family metrics this year, including a vacancy rate below 2%,” said IPA Executive Director Kevin Green. “Job growth in Los Angeles County is expected to be 5.1% this year, double the national rate.” Green, Joseph Grabiec of IPA and Greg Harris brokered the transaction on behalf of the seller, a private multifamily investment firm, and recruited the buyer, Alliance Residential Company. “The acquisition provides our buyer with an excellent opportunity to further increase the value of the property by continuing and improving a renovation program implemented by the previous owner,” added Grabiec.
Located near US Highway 101 and Interstate 5, the Vue Los Feliz is within walking distance of two Los Angeles subway stations. The surrounding area’s strong employment base includes employment centers in Hollywood, Universal City, Glendale and Downtown. The property is close to Griffith Park, Barnsdall Art Park, historic Los Feliz Theater and many restaurants. Los Angeles City College and the Los Angeles Film School are nearby.
The property’s studio, one-, and two-bedroom apartments have hardwood floors, dining areas, and walk-in closets. Communal facilities include an indoor saltwater pool, spa, and rooftop entertainment deck with BBQ and lounge area.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and financial markets expertise, cutting-edge technology and award-winning research delivers customized solutions for acquiring, disposing of and financing institutional properties and portfolios. For more information, please visitwww.institutionalpropertyadvisors.com.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 sales and investment finance professionals across 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap closed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visitwww.MarcusMillichap.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220714005895/en/
CONTACT: Gina Relva, Vice President of Public Relations
Gina.Relva@marcusmillichap.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
SECTOR KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE FINANCING ASSET MANAGEMENT PROFESSIONAL SERVICES REIT OTHER CONSTRUCTION & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Marcus & Millichap, Inc.
Copyright BusinessWire 2022.
PUBLISHED: 7/14/2022 6:36 PM / DISK: 7/14/2022 6:36 PM
http://www.businesswire.com/news/home/20220714005895/en
Copyright BusinessWire 2022.
