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Sunday, Jun 4, 2023

Mid-Wilshire Apartments Sell for $55 Million

An affiliate of Green Cities Co. has purchased the Estelle, a 61-unit multifamily building in Mid-Wilshire, for $55 million.

Canfield Development Inc. sold the property at 1333 S. Orange Grove Ave. Walker & Dunlop Inc.’s Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Rivera represented Canfield Development in the transaction.

The Estelle was built in 2020 as for-sale condominiums. During the Covid-19 pandemic, however, it was converted to rentable apartments.

The building has floor plans that average 1,474 square feet. Amenities at the property include a fitness center, pool and green space.

“We are very proud of The Estelle and how the building came out. It’s one of the most beautiful buildings we’ve developed, with a thoughtful, luxurious design, exceptional amenities and sweeping views of the city. We’re confident that the high-quality, infill asset will prove to be a highly valuable investment for Green Cities Co.,” Serge Shirikjian, chief financial officer of Canfield Development, said in a statement.

The Estelle was 30% leased at the time of the sale, according to Walker & Dunlop.
“Class A transactions in Los Angeles have been rare since the onset of the pandemic, with The Estelle representing just the fourth closing of an institutional quality asset in the city since April 2020,” Rogers said in a statement.

“While we anticipate Class A sale velocity to accelerate as a result of the rapidly improving multifamily fundamentals, this sale and solid leasing performance during this environment speaks to the fact that Canfield Development created an unparalleled asset with unique, wellness- and environmentally minded features that cater perfectly to Los Angeles renters. This property will undoubtedly see durable and resilient growth for years to come,” he added.

There have been a few other notable multifamily sales in L.A. this year.

Olive DTLA, a 93-unit property at 1243 S. Olive St., sold in January for $121 million. Waterton purchased the property from the Wolff Co. It was built in 2016 and has roughly 17,000 square feet of retail space.

The Westside Collection, with eight multifamily properties, also sold this year for $72.7 million. Veritas Investments Inc. purchased the 212-unit portfolio.

Major sales last year included Angelene, a 179-unit property at 915 N. La Brea Ave. in West Hollywood that sold for $124.7 million.

JPMorgan Chase & Co. purchased the property, which was built in 2016, from Holland Partner Group. Sprouts was a retail tenant at the property at the time of the sale.

TA Realty purchased the 70-unit Rose on Venice at 512 Rose Ave. from AvalonBay Communities for $65 million. The property, which was completed in 2012, has roughly 9,000 square feet of retail.

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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