TA Realty Acquires Los Angeles Westside Community
Institutional Property Advisors brokered the $65 million sale of Avalon Venice on Rose.
Avalon Venice on Rose, an apartment community in the Venice neighborhood of Los Angeles, has changed hands. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the $65 million sale of the 70-unit property. IPA represented the seller, AvalonBay Communities Inc., and procured buyer TA Realty. In addition to apartments, the building also includes 9,332 square feet of fully-leased retail space. The retailers are Cafe Gratitude, Stretch Lab, The Yoga Collective, Trim Hair Salon and Wabi on Rose.
Built eight years ago at 512 Rose Ave., Avalon Venice on Rose is a two-story-over-retail, frame constructed, Platinum LEED-certified apartment building. Its one- and two-bedroom apartments and two-bedroom townhouses range in size from 850 to 1,800 square feet.
Features include private balconies/patios, in-unit washer-dryers and above-average ceiling heights. A gated, two-level parking garage is situated below grade, offering 157 residential parking spaces and another 96 spaces for customers of the retailers. Also in the garage are 22 rental storage spaces. Among common-area amenities is a volleyball court.
Venice, one of the most affluent communities on the West Coast, provides a number of leisure-time opportunities for residents of Avalon Venice on Rose. Close by are Venice Beach Boardwalk, Muscle Beach and Santa Monica Pier. The community is also near a variety of neighborhood dining spots, lounges and specialty stores.
Avalon Venice on Rose residents can walk to Google’s Los Angeles headquarters three blocks away. Employers within a short drive of the community include Netflix, Facebook, Hulu, Riot Games, Amazon Studios, Viacom and Lionsgate. El Segundo, with California’s second largest concentration of Fortune 500 companies, is a 15-minute drive away. Los Angeles International Airport can also be reached in 15 minutes by car.
In a statement, IPA noted the Venice apartment stock has been increased by only 231 units in the past two decades. Just 160 additional units are being planned.
Greg Harris, IPA executive director, along with Senior Directors Kevin Green and Joseph Grabiec, made up the team overseeing the sales transaction. Last month, IPA handled the sale of two properties in a five-property Dallas-area multifamily portfolio.