IPA Sells 94-Unit Westside Apartment Complex
Oct 07, 2016

LOS ANGELES, Oct. 7, 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 C on Pico, a 94-unit multifamily asset located at the intersection of Centinela Avenue and Pico Boulevard in West Los Angeles.

“To say that this was a rare offering is an understatement,” says IPA executive director Greg Harris. “Opportunities to acquire new construction multifamily investment properties in West Los Angeles with size, amenities and location are virtually nonexistent.”

Harris, and IPA senior directors Kevin Green and Joseph Grabiec, represented the seller, a joint venture with Amoroso Companies. The buyer is Equity Residential.

“C on Pico is one of the only sizable institutional-quality assets recently built in West Los Angeles,” adds Green. “The area primarily consists of much smaller apartment buildings that were constructed in the 1950s and 1960s.”

The apartment community is located along the eastern edge of Santa Monica one block from the Expo/Bundy Metro station. Nearby local employment centers include the Westside Media Center, Element: LA, The Water Garden and Arboretum Courtyard. There are over 550 new startups in the area, and several tech mainstays including Facebook, Google and YouTube.

“C on Pico is a true transit-oriented multifamily asset that benefits from the first rail connection in more than 50 years between Santa Monica and downtown Los Angeles,” notes Grabiec.

The property features two open-air courtyards, gathering spaces, an outdoor fireplace, a rooftop terrace, skyline views, a 24-hour fitness center, secured garage parking, and an outdoor pet area. The units average 691 square feet and feature a mix of modern finishes with natural materials, clean lines and in-unit washer and dryers.