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IPA Brokers $65M Westside MF Deal
Institutional Property Advisors (IPA), a division of Marcus & Millichap, handled the $65-million sale of Avalon Venice on Rose, a three-story, 70-unit apartment building with 9,332 square feet of fully-leased retail space in Venice. The buyer was Boston-based TA Realty, while the seller was AvalonBay Communities Inc.
Located at 512 Rose Ave., the Platinum LEED-certified property was constructed in 2012 and has a gated, two-level subterranean parking garage with 157 residential and 96 retail spaces and 22 rental storage spaces.
Lack of supply and high demand drove the pricing of the asset. IPA’s Greg Harris says, “Only one other significant apartment building has changed hands in Venice in the last 20 years and during that time just one 50-unit-plus property was developed. Since 2000, only 231 units have been added to the apartment stock in Venice and there are just 160 units currently being planned.”
IPA’s Harris, Kevin Green and Joseph Grabiec represented the seller and procured the buyer.
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- ◦Sale/Acquisition




