Breaking Unit Price Records in Brentwood
- Jul 15, 2015
A Brentwood multifamily asset just broke the per-unit price record for an L.A.-area multifamily property not located near the ocean. Villa Montana is the property in question, a 20-unit residential community that traded for just over $20 million, or $1,002,500 per unit. The seller is Ken Kahan of California Landmark and the new owner is a private investor that exchanged into the property following the sale of a New York asset.
The record-breaking deal was brokered by a Marcus & Millichap team that also procured the buyer. The team that handled the transaction on behalf of the seller consisted of Executive Vice Presidents of Investments Ron Harris and Greg Harris, as well as Associate Vice President Investments Paul Darrow. According to Darrow, the 2005-built community would have been equally successful converted into condominiums, as the current market would have been easily able to absorb $1 million prices. “However, apartment investors’ bullish outlook on apartment rent growth made them far more competitive that.”
Villa Montana is located at 11611 Montana Ave. in West L.A., offering great proximity to Brentwood Village’s shopping and dining spots. The area also includes the Will Rogers State Historic Park, The Getty Center, the Riviera Country Club and the Brentwood Country Club.
Image courtesy of loopnet.com