Home Hollywood Institutional Property Advisors Closes $64.3 Million Hollywood-Area Multifamily Asset Sale

Institutional Property Advisors Closes $64.3 Million Hollywood-Area Multifamily Asset Sale


Angels—(Business Wire)–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced the sale of Vue Los Feliz, a 134-unit condo property located in the Los Feliz neighborhood of Los Feliz, California. The property sold for $64.3 million, or $479,851 per unit.

“Multifamily metrics in the Los Angeles metro area are at an all-time high this year, including a vacancy rate below 2 percent,” said Kevin Green, executive director of the IPA. “Los Angeles County is projected to see job growth of 5.1 percent this year. , twice the national growth rate.” Green, IPA’s Joseph Grabiec and Greg Harris brokered the transaction on behalf of the seller, a private multifamily investment firm, and procuring the buyer, Alliance Residential Company. Grabiec added: “This acquisition presents an excellent opportunity for our buyers to further increase the value of the property by continuing and enhancing the renovation programme implemented by the previous ownership.”

The Vue Los Feliz hotel is located near US Highway 101 and Interstate 5, just steps from two Los Angeles subway stations. A strong employment base in the surrounding area includes Hollywood, Universal City, Glendale and the employment hubs of downtown. The property is close to Griffith Park, Barnsdale Art Park, the historic Los Feliz Theater and many restaurants. Los Angeles City College and Los Angeles Film Academy are nearby.

Studio, one- and two-bedroom apartments at the property feature hardwood floors, dining rooms and walk-in closets. Shared facilities include an indoor saltwater pool, spa and rooftop entertainment deck with BBQ and lounge area.

About Institutional Property Advisors (IPAs)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), North America’s leading commercial real estate services firm. Combining real estate investment and capital markets expertise, industry-leading technology and acclaimed research, IPA provides bespoke solutions for the acquisition, disposition and financing of institutional assets and portfolios.For more information, please visit www.institutionalpropertyadvisors.com.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices, providing investment brokerage and financing services to buyers and sellers of commercial real estate. The company also provides market research, consulting and consulting services to clients. Marcus & Millichap completed 13,255 transactions in 2021, with sales of approximately $84.4 billion.For more information, please visit www.MarcusMillichap.com.

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