Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged today the sale and financing of Luxe Villas, a 60-unit multifamily asset in the Brentwood neighborhood of Los Angeles. The property sold for $49,494,000, or $824,900 per unit.

“Luxe Villas is one of the premier multifamily assets in Brentwood,” said Kevin Green, IPA executive managing director. “This transaction represents one of only three post-2000 built assets of 50-plus units to trade in Brentwood in the past 25 years.”

Green, Joseph Grabiec, and Gregory Harris of IPA represented the seller and procured the buyer. “Brentwood, with average annual household incomes over $213,000, is one of the most affluent multifamily submarkets in California,” said Grabiec.

The acquisition financing was arranged by Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets. “The current lender environment is supported by a deep pool of capital, and the agencies remain highly competitive, continuing to offer aggressive credit terms and attractive spreads for quality assets,” said Vitta.

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