Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Avalon Venice on Rose, a three-story, 70-unit apartment building with 9,332 square feet of fully leased retail space in Los Angeles’ Venice neighborhood. The property sold for $65 million.
“Only one other significant apartment building has changed hands in Venice in the last 20 years and during that time just one 50-unit-plus property was developed,” said Greg Harris, IPA executive director. “Since 2000, only 231 units have been added to the apartment stock in Venice and there are just 160 units currently being planned.” Harris and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, AvalonBay Communities Inc., and procured the buyer, TA Realty. “Venice is one of the most affluent communities on the West Coast,” added Green. “The average household income at Avalon Venice is $300,000 and overall market occupancy for properties in the Venice submarket is 95.6 percent.”
Located at 512 Rose Ave., Avalon Venice on Rose is near neighborhood cafés, bars and specialty shops. The Venice Beach Boardwalk, Muscle Beach and the Santa Monica Pier are in close proximity. Google’s Los Angeles headquarters, the Binoculars Building, is three blocks away and Facebook, Netflix, Riot Games, Hulu, Amazon Studios, Viacom, and Lionsgate are within a short drive. El Segundo, which houses the second-largest concentration of Fortune 500 companies in California, is under 10 miles from the property and Los Angeles International Airport is a 15-minute drive away. “This was an exceedingly rare opportunity to acquire a major multifamily asset in a location that attracts talented, educated and highly paid young professionals,” said Grabiec.
Constructed in 2012, the Platinum LEED-certified building’s average apartment size is 1,207 square feet. The property includes a gated, two-level subterranean parking garage with 157 residential and 96 retail spaces and 22 rental storage spaces. The retailers are Café Gratitude, Stretch Lab, The Yoga Collective, Trim Hair Salon, and Wabi on Rose.