Out-of-State Investor Pays $55M for Luxury Los Angeles Asset
Converted from a condominium community mid-pandemic, the property traded for roughly $900,000 per unit.
The Green Cities Co. has acquired The Estelle, a 61-unit luxury multifamily property in Los Angeles, for $55 million. A Walker & Dunlop team worked on behalf of the seller, Canfield Development Inc.
Completed last year, The Estelle is located at 1333 S. Orange Grove Ave., south of West Hollywood and west of downtown L.A. UCLA and USC are both easily reachable from the property.
The community includes two- and three-bedroom apartments averaging 1,474 square feet, with the property having been initially designed as for-sale condominiums, and consequently switched to for-rent units mid-pandemic. The suite of penthouses includes gazebo-style trellises, barbecue areas, jacuzzies and fire pits. Additionally, the building encompasses a private dining area, fitness studio, entertainment lounge, pet spa station, bike room with onsite bicycle workstation, as well as an outdoor pool.
The Walker & Dunlop team representing the seller included Managing Directors Blake Rogers and Hunter Combs, Senior Director Javier Riviera and Director Alexandra Caniglia.
While the pandemic brought a slowdown in multifamily and condominium transactions, Walker & Dunlop remains no stranger to high-profile deals. Just last month, the company worked on behalf of OKO Group and Cain International to secure a $128.3 million construction loan for a 47-story condo tower in Miami.