Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of Luxe Villas, a 60-unit multifamily asset in the Brentwood neighborhood of Los Angeles, California. The property sold for $49,494,000, or $824,900 per unit.
“Luxe Villas is one of the premier multifamily assets in Brentwood,” said Kevin Green, IPA executive managing director. “This transaction represents one of only three post-2000 built assets of 50-plus units to trade in Brentwood in the last 25 years.” Green, Joseph Grabiec, and Gregory Harris of IPA represented the seller, and procured the buyer, TruAmerica Multifamily. “Brentwood, with average annual household incomes over $213,000, is one of the most affluent multifamily submarkets in California,” said Grabiec. The acquisition financing was arranged by Brian Eisendrath, Cameron Chalfant, and Jake Vitta of IPA Capital Markets. “The current lender environment is supported by a deep pool of capital, and the agencies remain highly competitive, continuing to offer aggressive credit terms and attractive spreads for quality assets,” said Vitta.
Residents of Luxe Villas are within walking distance of Brentwood Village and more than 2 million square feet of office space along Wilshire and San Vicente boulevards. Interstates 405 and 10 provide access to Silicon Beach employment centers in Santa Monica, Playa Vista, Venice, Marina del Rey, Culver City, and Century City. The property is also proximate to nearly 8 million square feet of Westside office and creative space occupied by technology, media, and entertainment companies including HBO, Lionsgate, Red Bull, Hulu, Riot Games, and Activision.
Luxe Villas features a central courtyard, rooftop lounge, electric vehicle charging stations, and a two-level gated parking garage. The unit mix includes one one-bedroom unit, 53 two-bedroom units, and six three-bedroom units, with all but one renovated. Upgraded units feature in-unit washers and dryers, double-pane windows, and modernized plumbing and electrical systems. The three-bedroom layouts were reconfigured to create 18 co-living suites with private-entry smart lock systems and en-suite configurations.
