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.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.