IPA Arranges Sale of Miracle Mile Apartment Asset
- Mar 24, 2016
Los Angeles—Institutional Property Advisors recently completed a transaction for a Miracle Mile residential community. The company, a division of Marcus & Millichap, brokered the sale of The Micropolitan at Urban Lights on behalf of the owner, a subsidiary of Psomas. The asset fetched $27.1 million, which comes down to a per-unit price of $602,000. The buyer is a private 1031-exchange investor.
Located at 739 South Ogden Drive, the 45-unit asset was completed in 2015. The unit mix consists of 30 one-bedroom/one-bath apartments and 15 two-bedroom/two-bath apartments. The four-story building offers in-unit features such as custom closets, balconies, designer kitchens, stainless steel appliances, custom cabinetry, and full size washer/dryers.
Micropolitan at Urban Lights offers close proximity to the L.A. County Museum of Art, Beverly Hills, Century City, Culver City, West Hollywood and DTLA. Transportation will be increasingly facilitated by the opening of the Los Angeles Metro Purple Line, currently under construction. “The strong Miracle Mile apartment market experienced rent growth of 5.6 percent last year and vacancy was just 2.6 percent,” Ron Harris, IPA executive director, said in a press statement.