Institutional Property Advisors Closes Hollywood Multifamily Asset Sale
LOS ANGELES, Dec. 19, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Candela, a 112-unit multifamily property in the Hollywood Hills neighborhood of Los Angeles, California. The asset sold for $35.49 million, or $316,875 per unit.
“Prior ownership invested significantly in the property to transform Candela into one of the submarket’s premier boutique luxury apartment buildings,” said Kevin Green, IPA executive managing director investments. Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Raintree Partners, and procured the buyer, Cityview. “New ownership will have the opportunity to focus almost exclusively on high return interior improvements to the unrenovated units and follow a proven renovation plan that has yielded significant premiums,” said Grabiec.
The property is within walking distance of everyday amenities and entertainment in Franklin Village. Netflix, NBCUniversal, Warner Brothers, and Paramount are within a short commute. There are 3.4 million jobs within 20 to 30 minutes via nearby U.S. Highway 101 and the Hollywood/Vine metro station is a 15-minute walk away.
Built in 1974, Candela is a controlled-access apartment building with a private garage, swimming pool, dog spa, and package locker system. The classic units have Formica countertops, white cabinetry, black appliances, and large closets. The renovated units have stone countertops, stainless-steel appliances, recessed lighting, and vinyl plank flooring. Most units have a private balcony or patio.
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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.