Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of The BW, a 78-unit apartment asset with 2,300 square feet of ground floor retail in the Brentwood neighborhood of Los Angeles. The property sold for $58.1 million, or $744,872 per unit.
“The BW is in one of the most affluent multifamily submarkets in California, where demand for luxury rentals is high and the median price of a single-family home is over $3.6 million,” said Kevin Green, IPA executive managing director investments. “Average annual household income in Brentwood is over $213,700 and renters make up 48% of the population.”
Green and IPA’s Joseph Grabiec, and Gregory Harris represented the seller, California Landmark Group and procured the buyer, FAMH Group Ltd. “This sale represents the highest price per unit achieved in the City of Los Angeles of an institutional-sized transaction of $30 million or more in over 36 months,” Grabiec added.
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