LOS ANGELES, Jan. 29, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 410 N. Rossmore, a 78-unit apartment building in Los Angeles’ Hancock Park neighborhood. The property sold for $29 million, or $371,794 per unit.
“Only three of Hancock Park’s 19 apartment buildings, 50 units or greater, have sold in the past five years and this is one of them,” said Kevin Green, IPA senior managing director. “This was an extremely rare sale and an even more rare investment opportunity. Never renovated and under the same ownership for over 40 years, the building delivered a one-of-a-kind investment.” Green, Joseph Grabiec, IPA senior managing director, Tyler Leeson, Marcus & Millichap senior managing director investments and Greg Harris, IPA executive managing director, represented the seller, an Orange County-based private family, and procured the buyer, a joint venture between Domos and ESI Ventures. “Hancock Park is one of the city’s most prestigious neighborhoods,” added Grabiec. “The median home price there is close to $2 million, which creates a large affordability gap between home ownership and renting that drives demand for luxury rental housing.”
The Wilshire Country Club is across the street from the property and the Los Angeles Tennis Club is a half-mile away. Larchmont Village, Hollywood, Melrose Avenue, and Downtown Los Angeles are all within a short drive of the building. Paramount Studios is a 10-minute drive away and within a 30-minute drive there is 100 million square feet of office space. Constructed in 1930, 410 N. Rossmore is located on a 34,897-square-foot lot. The unit mix is all studios and one-bedroom apartments.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.