IPA Sells Multifamily Asset in Baldwin Hills for $44 Million
Aug 31, 2016

LOS ANGELES, Aug. 30, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of  Woodlake Manor Apartments, a 276-unit apartment community located in Los Angeles’ Baldwin Hills neighborhood. The $44 million sales price equates to more than $159,000 per unit.

“This was the first time Woodlake Manor Apartments had been on the market in more than 34 years,” says Greg Harris, IPA executive director. “Last year, select units were upgraded to a mid-luxury standard and excellent results were achieved. New ownership has the ability to complete the renovations and receive the full benefit of the repositioning program.”

Harris, and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, Jones & Jones Management Group Inc., and procured the buyer, Vista Investment Group LLC.

“Baldwin Hills is currently in the early stages of a revitalization with the recent Expo line expansion, Kaiser’s office development, and Capri’s ongoing renovations of Baldwin Hills Crenshaw Plaza,” adds Green. “Woodlake Manor, set to benefit from all of the surrounding improvements, allows Vista to enter the market in scale and forge ahead in a dynamic submarket.”   

“By identifying these neighborhoods before other investors, we hope to be the catalyst for positive change and thoughtful renovations that enhance Baldwin Hills’ diverse culture,” says Jonathan Barach, president of Vista Investment Group LLC. “Baldwin Hills is still a hidden gem to many LA investors and tenants, but it is quickly becoming known for its hilltop views, central location, beautiful parks, and mass transit options.”

The property is located on West Martin Luther King Jr. Boulevard, one mile from two Metro Expo line stations, Farmdale and Ethel Bradley. The lines provide access to key employment hubs such as downtown, Culver City, Santa Monica, and the South Bay. The University of Southern California is a 10-minute train ride away. The 10, 110 and 405 freeways, which provide access to Hollywood, West Los Angeles and the San Fernando Valley, are also close by.

Woodlake Manor Apartments is an eight-building apartment community that has 97 one-bedroom/one-bath apartments, 158 two-bedroom/two-bath units and 21 three-bedroom/two-bath apartments. Renovated units feature updated cabinets and countertops and new black appliances.