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Friday, Sep 29, 2023

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 Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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