Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Broadstone Candara at Hancock Park, a 103-unit multifamily asset in Los Angeles, California. The property sold for $60.1 million, which equates to $583,495 per unit.
“Broadstone Candara at Hancock Park is one of only two 100-plus unit assets located within the prestigious Hancock Park enclave,” said Kevin Green, IPA executive director. “The neighborhood just south of the property is composed of multimillion-dollar single-family estates, that present a large affordability gap to home ownership for renters. This insulates the property from future competition as nearby parcels are either not suitable for high-density residential development or are protected by historical preservation overlay zoning.” Green and IPA’s Joseph Grabiec and Greg Harris represented the seller, a global real estate investment advisor, and procured the buyer, Fairfield.
The property is within walking distance of Larchmont Village, one of most popular urban villages in Los Angeles, home to an eclectic mix of boutiques, gourmet eateries, trendy coffee shops and more. A short commute away are major employment hubs, including Hollywood, West Hollywood, Mid-Wilshire/Miracle Mile, and Beverly Hills/Century City. The epicenter of the entertainment industry, with millions of square feet of creative and studio space, is just north of the property.
“Broadstone Candara at Hancock Park attracts some of the most discerning renters in the city,” said Grabiec. “The average annual household income of the property’s residents is over $300,000.”
Constructed in 2015, the property has a National Green Building Standard Silver Certification for Energy Efficient Design. Amenities include a zero-edge pool with LED lighting and underwater speakers, temperature-controlled wine coolers, a European-style open air café and a rooftop terrace with gathering areas. The unit mix of studios, and one- and two-bedroom apartments all have high-end appliances, European-style cabinetry, quartz countertops, porcelain tile flooring, oversized closets and windows, and spacious private patios or balconies.