North Los Angeles Community Trades for $35M
- Dec 18, 2019
A partnership between Stockbridge and NNC Apartment Ventures has sold The Summit at La Crescenta, a 92-unit community in northern Los Angeles, for $34.5 million. That equates to roughly $375,000 per unit. Institutional Property Advisors, a division of Marcus & Millichap, assisted the seller and procured the buyer, Raintree Partners. The property last traded in 2014, when the current sellers paid about $24.3 million for the asset.
Located at 3250 Fairesta St. in La Crescenta-Montrose, Calif., the property sits on about 3.8 acres and is approximately 5 miles from Glendale Community College and roughly 12 miles from Woodbury University in Burbank. Hollywood Burbank Airport is within 14 miles of the community and downtown Los Angeles is 16 miles away.
Built in 1964, the seven-building asset comprises one- two- and three-bedroom apartments with private balconies and patios. Common-area amenities include a basketball court, two swimming pools and laundry facilities. According to Yardi Matrix, the community was 92.4 percent occupied as of November.
IPA’s team included Senior Directors Kevin Green and Joe Grabiec, as well as Executive Director Greg Harris. In October, the trio represented the seller of a 88-unit property in the Sherman Oaks neighborhood of Los Angeles. The asset was acquired by Interstate Equities Corp., for $29.4 million.