Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of the Westside Collection, an eight-property, 212-unit multifamily portfolio located in the Westside region of Los Angeles County, California. The total sales price is $72.65 million, which equates to $342,688 per unit.
“Previously owned by the same partnership for over 30 years and on the market for the first time in decades, these unrenovated apartment buildings are in premier West Los Angeles submarkets that have demonstrated extremely strong demand for luxuriously renovated apartment homes,” said Kevin Green, IPA senior director. Green and IPA’s Joseph Grabiec and Greg Harris represented the seller, a private partnership and procured the buyer, a private multifamily investment firm. “The extremely high cost of a single-family home in Westside is prohibitive for most residents but the area’s incomparable mix of urban and outdoor lifestyle amenities and proximity to major employment centers are a strong draw for highly educated professionals,” added Grabiec.
Residents of the Westside Collection are within a five-to-25-minute drive of 100 million square feet of office space in Silicon Beach, Hollywood, and Downtown Los Angeles. Among Westside’s many notable employers are Netflix, Facebook, Apple, Google, Universal Studios, and Viacom. Prominent areas such as Abbot Kinney Boulevard, Sunset Strip, and Beverly Hills are nearby, as well as rapidly growing destinations, including Downtown Culver City and Koreatown. The locations also provide access to natural areas such as Venice Beach, Will Rogers State Historic Park, and Runyon Canyon.
The properties in the Westside Collection were all built between 1963 and 1977. The average unit size is 811 square feet. The properties are:
- Villa de Longpre, 27 units built in 1973 in West Hollywood
- A Taste of Honey, 27 units built in 1966 in Los Angeles
- 930 N Martel, 39 units built in 1972 in Los Angeles
- 5403 W 8th, 18 units built in 1971 in Los Angeles
- 3666 Cardiff, 17 units built in 1963 in Los Angeles
- La Citadel, 24 units built in 1971 in Los Angeles
- 10795 Woodbine, 30 units built in 1977 in Los Angeles
- 1525 Amherst, 30 units built in 1969 in Los Angeles