IPA Makes Big Luxury Sale in LA
The property traded at one of the area's highest per-unit prices in more than three years.
Institutional Property Advisors has arranged the $58.1 million sale of The BW, a 78-unit apartment community located in Los Angeles’s Brentwood neighborhood. FAMH Group Ltd. bought the property, which was priced at $744,872 per unit, from California Landmark Group.
The deal had the highest per-unit sale price for a $30+ million deal in Los Angeles in more than three years.
Completed in 2013, The BW includes studio, one-, two- and three-bedroom unit floorplans. All apartments have stainless-steel appliances, washers and dryers, as well as deep soaking tubs, walk-in closets and floor-to-ceiling double-pane windows. Electric vehicle charging stations, on-site garage parking, a fitness center, business center and rooftop lounge with a jacuzzi are the community amenities.
The BW’s neighbors
The BW also offers 2,300 square feet of ground-floor retail in one of California’s most affluent submarkets, with an average household income of $213,700. Located at the intersection of Wilshire Boulevard and Barrington Avenue, it is adjacent to Brentwood Village’s dining, shopping, entertainment, and recreational amenities. Onramps to Interstates 10 and 405 are located two miles to the southeast.
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Technology, media, and entertainment companies, including Hulu, HBO, Lionsgate, Riot Games, and Activision, are also within 2 miles of the community, and occupy roughly 8 million square feet of office and creative space.
IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller and procured the buyer.
For the full Los Angeles market, fundamentals were mixed at the end of last year, with the January wildfires likely to put further pressure on the market. According to Yardi Matrix, average advertised asking rents dropped by 0.2 percent on a trailing three-month basis through December to $2,619, mostly even with the U.S. As of November, occupancy in stabilized assets rose 10 basis points year-over-year to 96 percent.
