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Colliers’ Wallace Team Arranges Sale of Mar Vista Apartments
Colliers arranged the $9-million sale of Mar Vista Lofts, a well-maintained 21-unit multifamily building constructed in 2012 and located in the Mar Vista neighborhood of Los Angeles. The property traded at $452,380 per unit and $439 per square foot. Colliers’ Kitty Wallace and Melanie Nutting of the Wallace Team represented the seller, Park Towers (1990) Corporation, and the buyer, Mar Vista Lofts 4 LLC.
“This is the third property we sold for our client, who had been a long-time investor of high-quality, non-rent-controlled apartment buildings on the Westside,” said Wallace. “Growing a bit frustrated with local legislative challenges, he has slowly exchanged his multifamily assets for industrial properties, which led to him selling Mar Vista Lofts—his final and favorite Los Angeles asset.”
The buyer is a local apartment developer who capitalized on the opportunity to acquire a well-located, non-rent-controlled property below the cost he would pay to build, partnering with a family office on the acquisition.
- ◦Sale/Acquisition
