Institutional Property Advisors Closes $64.3 Million Hollywood-Area Multifamily Asset Sale
July 14 2022 - 6:36PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced the sale of Vue Los Feliz, a
134-unit apartment property 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 experiencing historically strong
multifamily metrics this year, including sub-2% vacancy,” said IPA
executive director Kevin Green. “Employment growth in Los Angeles
County is projected to be 5.1% this year, which is twice the
national rate.” Green, IPA’s Joseph Grabiec, and Greg Harris
brokered the transaction on behalf of the seller, a private
multifamily investment firm, and procured the buyer, Alliance
Residential Company. “The acquisition presents our buyer with a
great opportunity to increase the value of the property further by
continuing and enhancing a renovation program implemented by
previous ownership,” added Grabiec.
Located near U.S. Highway 101 and Interstate 5, Vue Los Feliz is
a short walk from two Los Angeles Metro Rail stations. The
surrounding area’s strong employment base includes job centers in
Hollywood, Universal City, Glendale and Downtown. The property is
in close proximity 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 rooms, and walk-in closets. Shared
amenities include an indoor saltwater swimming pool, spa and
rooftop entertainment deck with a barbecue 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
capital markets expertise, industry-leading technology, and
acclaimed research offer customized solutions for the acquisition,
disposition and financing of institutional properties and
portfolios. For more information, please visit
www.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 throughout the United States and
Canada. As of December 31, 2021, the company had 1,994 investment
sales and financing professionals in 82 offices who provide
investment brokerage and financing services to sellers and buyers
of commercial real estate. The company also offers market research,
consulting and advisory services to clients. Marcus & Millichap
closed 13,255 transactions in 2021, with a sales volume of
approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220714005895/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jul 2023 to Jul 2024