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Sunday, May 22, 2022

Mixed-Use Highland Park Building Sells for $29M

A mixed-use asset with 59 luxury residences and 2,646 square feet of retail space on the border of Eagle Rock and Highland Park has sold for $28.7 million.
Culver City-based ABRA Management Inc. purchased the property, known as the Perch, from Roundhouse.

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


Hilltop Coffee and Kitchen and hair salon Perch Salon occupy the retail space.
“During the lockdowns due to the pandemic, Eagle Rock and Highland Park became especially preferred destinations for downtown Los Angeles residents who wanted more space to maneuver after common areas and urban dining and entertainment venues closed down,” Darrow said in a statement.

 
He added that many developers in the area are having difficulties acquiring land, so more are purchasing existing, newly built properties.
“With rents currently below pre-Covid levels and cap rates hovering 300 basis points over the 10-Year Treasury, newly constructed multifamily assets give investors the opportunity to keep pace with the market and generate attractive returns,” Darrow said in a statement.


The property has one-, two- and three-bedroom units. Built in 2018, it lists an outdoor lounge, gated parking and electric vehicle charging among its amenities. It marks a rare investment opportunity for the area.


“Previously, most of the new construction in this area was larger, townhome-style product developed using the ‘small lot subdivision’ format,” Green said in a statement. “There hasn’t been (another) 50-plus-unit for-rent community built here in over 25 years.”

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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