Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Guardian Arms Apartments, a 101-unit multifamily asset with 9,207 square feet of ground-floor retail between the Hollywood and Los Feliz neighborhoods in Los Angeles. The property sold for $26.2 million or $259,405 per unit.
“The abundance of high-paying jobs created by entertainment, media and technology companies, including Netflix, HBO and Viacom, strongly supports renter demand in the area,” said Joe Grabiec, IPA senior director. Grabiec, Kevin Green, IPA senior director, and Greg Harris, IPA executive director, represented the seller, a joint venture between MWest Holdings and Pacific Reach. The buyer is ROM Investments.
“Hollywood truly has evolved into a world-class neighborhood with a strong job market, walkability and entertainment options,” Green added. “Nearby Los Feliz Village presents a laid-back vibe that includes local eateries, boutiques, gastropubs and parks.” Built in 1928 the property is on Hollywood Boulevard, three blocks from the Hollywood/Western Metro station, which provides residents with connectivity to major Los Angeles employment hubs, including the San Fernando Valley and Downtown Los Angeles. The Hollywood Palladium, Hollywood Farmers’ Market, Franklin Village, and additional local amenities along Sunset Boulevard and Franklin Avenue are within a short walk.
“The Hollywood/Los Feliz area has added 8 million square feet of commercial property space since 2010, and over 1 million square feet of office space is underway nearby,” commented Harris.