IPA Closes $64M Sale of Hollywood Apartment Property

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $64 million sale of Vue Los Feliz, a 134-unit multifamily complex in Los Angeles. Located between Interstate 5 and Highway 101, the property is situated near strong employment centers including Hollywood, Universal City and Downtown LA.

Vue Los Feliz features one- and two-bedroom units with hardwood floors, dining rooms and walk-in closets. Shared amenities include an indoor pool, spa and rooftop deck with a BBQ and lounge area.

“The Los Angeles metro area is experiencing historically strong multifamily metrics this year, including sub-2% vacancy,” said IPA executive director Kevin Green. “Employment growth in Los Angeles is projected to be 5.1% this year, twice the national rate.” Green, along with IPA’s Joseph Grabiec and Greg Harris represented the seller, a private investment firm and procured the buyer, Alliance Residential Company.