Institutional Property Advisors Brokers $58.1 Million Luxury Multifamily Asset Sale in Los Angeles

In the heart of Los Angeles, where the sun shines brightly and the real estate market is as vibrant as ever, Institutional Property Advisors (IPA) has made a significant mark with the sale of The BW, a 78-unit luxury multifamily asset in the affluent Brentwood neighborhood. The property, which sold for a staggering $58.1 million, or $744,872 per unit, is a testament to the high demand and premium valuations in one of California's most desirable submarkets.

The BW, located at the intersection of Wilshire Boulevard and Barrington Avenue, is more than just a luxury apartment complex; it is a symbol of the affluent lifestyle that Brentwood offers. With a median price of a single-family home exceeding $3.6 million and an average annual household income of over $213,700, the demand for luxury rentals in this area is unparalleled. The property's proximity to dining, shopping, entertainment, and recreational amenities in Brentwood Village, as well as its close location to major employment hubs, makes it an attractive investment for both residents and investors.



The sale of The BW represents the highest price per unit achieved in the City of Los Angeles for an institutional-sized transaction of $30 million or more in over 36 months. This milestone underscores the intense competition and high valuation of luxury multifamily properties in the area. The property's amenities, which include a rooftop lounge with a Jacuzzi, a fitness center, a business center, electric vehicle charging stations, and on-site garage parking, further enhance its appeal to high-end tenants.

The sale was brokered by IPA, a division of Marcus & Millichap, with Kevin Green, Joseph Grabiec, and Gregory Harris representing the seller, California Landmark Group, and procuring the buyer, FAMH Group Ltd. The transaction highlights IPA's expertise in real estate investment and capital markets, as well as its industry-leading technology and acclaimed research.

The BW's sale price of $58.1 million is a reflection of the current trends and demand in the Los Angeles real estate market. The property's location in one of the most affluent submarkets in California, where demand for luxury rentals is high, contributed significantly to its high valuation. Additionally, the property's proximity to major employment hubs and its modern amenities make it an attractive investment for both residents and investors.



In comparison, the La Vista Apartments in Santa Maria, California, a 460-unit multifamily asset, sold for $116 million, which equates to $252,174 per unit. While the price per unit for La Vista Apartments is lower than that of The BW, it is important to note that the La Vista Apartments is a much larger property with 460 units compared to The BW's 78 units. The sale price of La Vista Apartments was also a record for Santa Barbara County, breaking a record previously set by IPA. This indicates that while the price per unit for The BW is higher, the overall sale price and significance of the transaction for La Vista Apartments is also noteworthy.

The sale of The BW is a testament to the high demand and premium valuations in the Los Angeles real estate market, particularly in affluent submarkets like Brentwood. With its modern amenities, prime location, and proximity to major employment hubs, The BW is an attractive investment for both residents and investors. The transaction highlights IPA's expertise in real estate investment and capital markets, as well as its industry-leading technology and acclaimed research. As the Los Angeles real estate market continues to evolve, luxury multifamily assets like The BW will remain in high demand, offering investors the opportunity to capitalize on the city's vibrant and competitive market.