Los Feliz Apartment Building Sells For $64.3M In Competitive Bidding Environment
A 134-unit Los Feliz apartment building sold for $64.3M, or $479,871 per unit, a price that puts the transaction well above the average for the Los Angeles metro area, indicating the level of demand present in the market.
“The Los Angeles metro area is experiencing historically strong multifamily metrics this year, including sub-2% vacancy,” Institutional Property Advisors Executive Director Kevin Green said in a statement. Green, along with IPA’s Joseph Grabiec and Greg Harris represented the seller, an undisclosed private multifamily investment firm.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.