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California  + Los Angeles  + Apartments  | 

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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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