Property Address: 8500 W. Sunset Blvd Los Angeles, CA 90069
Square Footage: 191,314
This Cushman & Wakefield team brokered the sale of 8500 W. Sunset Boulevard, a newly completed apartment complex in Los Angeles. The mixed-use project by developer CIM Group was purchased in June 2017 for $168.2 million by a partnership between by Brookfield Property Group, a diversified global real estate company, and Korman Communities, a fully integrated, multi-dimensional real estate company. Marc Renard, Manfred Schaub, and Morgan Jackson from Cushman & Wakefield’s Capital Markets Group represented the seller CIM Group in the transaction. The property consists of two eight-story buildings consisting of 190 residential units, with eight multi-level units, 55 two-bedrooms, 118 one-bedrooms, and 17 studio apartments for a total of 191,314 square feet.
Property Address: 1769 E Walnut Street, Pasadena, CA 91106
Square Footage: 220,168
Built in 2016 on nearly two acres, LUXE Pasadena is a premier, 131-unit multifamily asset in the San Gabriel Valley region. The $57.2 million sales price equated to $436,641 per unit and represented one of the highest sales prices in the San Gabriel Valley when it closed at the end of October 2017. The property was purchased by an international investor making its first acquisition in the United States. LUXE Pasadena is centrally located in Pasadena.