LOS ANGELES, July 12, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Vue Los Feliz, a 134-unit apartment property in the Los Feliz neighborhood of Los Angeles, California. The property sold for $64.3 million, or $479,851 per unit.
“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 County is projected to be 5.1% this year, which is twice the national rate.” Green, IPA’s Joseph Grabiec, and Greg Harris brokered the transaction on behalf of the seller, a private multifamily investment firm, and procured the buyer, Alliance Residential Company. “The acquisition presents our buyer with a great opportunity to increase the value of the property further by continuing and enhancing a renovation program implemented by previous ownership,” added Grabiec.
Located near U.S. Highway 101 and Interstate 5, Vue Los Feliz is a short walk from two Los Angeles Metro Rail stations. The surrounding area’s strong employment base includes job centers in Hollywood, Universal City, Glendale and Downtown. The property is in close proximity to Griffith Park, Barnsdall Art Park, historic Los Feliz Theater, and many restaurants. Los Angeles City College and The Los Angeles Film School are nearby.
The property’s studio, one- and two-bedroom apartments have hardwood floors, dining rooms, and walk-in closets. Shared amenities include an indoor saltwater swimming pool, spa and rooftop entertainment deck with a barbecue and lounge area.
