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Monday, Jun 27, 2022

Hancock Park Apartment Building Sells for $60 Million

A 103-unit multifamily property in Hancock Park dubbed the Broadstone Candara at Hancock Park has sold for $60.1 million.
Fairfield purchased the property, which was built in 2015, from an unnamed global real estate investment adviser.

The property has studio, one- and two-bedroom units. Its amenities include a zero-edge pool with LED lighting and underwater speakers, temperature-controlled wine coolers, a European-style open air café and a rooftop terrace with gathering areas.

The property is within walking distance of Larchmont Village and near a number of employment hubs, including Hollywood, Miracle Mile and Beverly Hills.

Kevin Green, Joseph Grabiec and Greg Harris of Marcus & Millichap’s Institutional Property Advisors division represented the seller and found the buyer.

“Broadstone Candara at Hancock Park is one of only two 100-plus-unit assets located within the prestigious Hancock Park enclave,” Green said in a statement. “The neighborhood just south of the property is composed of multimillion-dollar single-family estates that present a large affordability gap to homeownership for renters. This insulates the property from future competition as nearby parcels are either not suitable for high-density residential development or are protected by historical preservation overlay zoning.”

The property’s residents, according to Grabiec, have an annual household income of more than $300,000.
“Broadstone Candara at Hancock Park attracts some of the most discerning renters in the city,” Grabiec said in a statement.

Several large multifamily sales last year will be converted into workforce housing, allowing buyers to use tax-exempt bond financing to acquire properties.

In December, TDI Properties Inc. announced its purchase of a portfolio of three multifamily properties known as the Elevate LA Portfolio from a Colorado-based family for an undisclosed sum. The properties have a combined 79 units and were owned by the seller for almost three decades. Rents at those properties average around $1,000 per month.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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