Alliance Residential Pays $64M for Los Angeles Asset
Pacific Urban Investors sold the 134-unit property after four years of ownership.
Alliance Residential Co. has acquired Vue Los Feliz, a 134-unit multifamily property in Los Angeles, for $64.3 million. Pacific Urban Investors sold the Class C asset, according to Yardi Matrix data. Marcus & Millichap’s Institutional Property Advisors negotiated on behalf of the seller and procured the buyer.
Yardi Matrix also shows the property previously traded in 2018, when Pacific Urban purchased it for $55 million. Heitman provided the buyer with a $43 million acquisition loan.
Located at 1800 N. New Hampshire Ave., Vue Los Feliz is comprised of studio, one- and two-bedroom units ranging between 570 and 970 square feet. Common-area amenities include a fitness center, spa center, indoor saltwater swimming pool and rooftop deck, as well as a barbecue and lounge area, among others.
The three-story property is 5.8 miles from downtown Los Angeles in the Los Feliz neighborhood, between Interstate 5 and Hollywood Freeway. The community is close to Los Feliz Theater, Griffith Park and Barnsdall Art Park on Hollywood Blvd. Los Angeles City College and The Los Angeles Film School are 1 mile, respectively 2.6 miles away.
READ ALSO: Los Angeles Multifamily Report – June 2022
According to a recent Yardi Matrix report, the Los Angeles metro area is recording a strong rebound after a slower start of its recovery. Metro L.A. gained 324,200 jobs in the 12 months ending in February 2022 and fundamentals should continue to boost multifamily performance throughout this year. The same data provider shows more than 3,100 units have traded across the market year-to-date.
IPA Executive Directors Kevin Green, Joseph Grabiec and Executive Managing Director Greg Harris represented the seller. Grabiec said, in a prepared statement, the new ownership intends to continue the property’s renovation process that was started by the previous owners.