Eight-Property Multifamily Portfolio Goes for $72M
The Westside Collection, an eight-property 212-unit multifamily portfolio located in the Westside region of Los Angeles County, recently sold for $72.65 million, which equates to $342,688 per unit. The buyer was a private multifamily investment firm.
“Previously owned by the same partnership for over 30 years and on the market for the first time in decades, these un-renovated apartment buildings are in premier West Los Angeles submarkets that have demonstrated extremely strong demand for luxuriously renovated apartment homes,” said Kevin Green, senior director with Institutional Property Advisors (IPA), a division of Marcus & Millichap.
Green, Joseph Grabiec and Greg Harris represented the seller, a private partnership and procured the buyer.
“The extremely high cost of a single-family home in Westside is prohibitive for most residents but the area’s incomparable mix of urban and outdoor lifestyle amenities, and proximity to major employment centers are a strong draw for highly educated professionals,” adds Grabiec.
Residents of the Westside Collection are within a five-to-25-minute drive of office space in Silicon Beach, Hollywood and downtown Los Angeles.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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