Vue Los Feliz, a 134-unit apartment property in Los Feliz, has sold for $64.3 million, or $479,851 per unit.
Institutional Property Advisors, a division of Marcus & Millichap, transacted the deal. IPA Executive Director Kevin Green, Joseph Grabiec and Greg Harris brokered the transaction on behalf of the seller, a private multifamily investment firm, and procured the buyer, Alliance Residential Co.
“The acquisition presents our buyer with a great opportunity to increase the value of the property further by continuing and enhancing a renovation program implemented by previous ownership,” Grabiec said in a statement.
The property, at 1800 N. New Hampshire Ave., is near the 101 and Interstate 5. It is comprised of studio, one- and two-bedroom apartments that have hardwood floors, dining rooms and walk-in closets.
Shared amenities include an indoor saltwater swimming pool, spa and rooftop entertainment deck with a barbecue and lounge area.
Vue Los Feliz is a short walk from two Los Angeles Metro Rail stations. The surrounding area’s strong employment base includes job centers in Hollywood, Universal City, Glendale and downtown. Los Angeles City College and The Los Angeles Film School are also nearby.
The property is in close proximity to Griffith Park, Barnsdall Art Park, the historic Los Feliz Theater and many restaurants.
Green said L.A. is a strong area for apartment buildings.
“The Los Angeles metro area is experiencing historically strong multifamily metrics this year, including sub-2% vacancy,” he said in a statement. “Employment growth in Los Angeles County is projected to be 5.1% this year, which is twice the national rate.”
In the first quarter of the year, the average rental rate was $2,626.79, up 13.9% over the previous year, according to data from CBRE Group Inc.
Investors have been interested in buying assets in the county. In the four quarters that ended in the first quarter of 2022, roughly $19.1 billion worth of multifamily properties traded hands, up from $8.6 billion during the same period the year before and $13.2 billion the year before that, according to CBRE data.
