Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Avalon Studio 4121, a 149-unit multifamily asset in the Studio City neighborhood of Los Angeles, California. The property sold for $76 million, which represents $510,067 per unit.
“Located across the street from CBS Studio Center, Avalon Studio 4121 is a high-quality, institutionally maintained asset in one of Los Angeles County’s most affluent submarkets,” said IPA executive director Kevin Green. “The property is one of only two buildings with 100 or more units built in the neighborhood in the past 15 years and there are just 128 units scheduled to be delivered in the next three years, which amounts to an extremely low annual supply growth rate of 0.28 percent.” Green, and IPA’s Joseph Grabiec and Greg Harris represented the seller, Avalon Bay Communities Inc., and procured the buyer, Gelt Inc. “Average multifamily occupancy in Studio City exceeds 96 percent and the lack of nearby sites available for development insulates Avalon Studio 4121 from future competition,” added Grabiec.
Located north of the Hollywood Hills, Studio City is easily accessible from State Route 170/The Hollywood Freeway and U.S. Highway 101, two of Central Los Angeles’ primary thoroughfares. The Universal City/Studio City Metro Station is within walking distance of the property and many entertainment employers, including NBC Universal, Universal Studios and Crown Media Holdings are nearby. “There are more studio production spaces and sound stages in the area surrounding Avalon Studio 4121 than anywhere else in the world, and many companies have plans for expansion,” noted Grabiec.
Constructed in 2009, Avalon Studio 4121 is a two-building, four-story asset with 120,354 square feet of rentable area. There are 15 different floor plans across its 103 one-bedroom/one-bath units that range in size from 621 square feet to 826 square feet, and the 46 two-bedroom/two-bath apartments are between 1,014 square feet and 1,118 square feet. Apartments have nine-foot ceilings, breakfast bars, washers and dryers, and built-in closet shelving and desks. Select homes have private sundecks. Community amenities include a high-tech fitness center, water features throughout the grounds, a recreation room, and a lounge.
