Saturday, July 18, 2015

Marcus & Millichap Arranges Record-Breaking Los Angeles, CA Multifamily Sale

Villa Montana Apartments, 11611 Montana Avenue, Brentwood Neighborhood,
West Los Angeles, CA

Ronald Harris

LOS ANGELES, CA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Villa Montana, a 20-unit apartment property at 11611 Montana Avenue in West Los Angeles’ Brentwood neighborhood.

The $20.05 million sales price equates to $1,002,500, the highest price per unit ever paid for a Los Angeles apartment building not adjacent to the ocean.

            Marcus & Millichap executive vice presidents of investments Ron Harris and Greg Harris, along with associate vice president investments Paul Darrow, represented the seller, Ken Kahan of California Landmark.

Harris, Harris and Darrow also procured the buyer. The new owner is a private investor who exchanged into Villa Montana after selling a property in New York City. The property was acquired without debt.

Kevin Green, Joseph Grabiec, and Michael DiSimone were also part of the listing team.

Gregory Harris
“Built in 2005 and offered by the original developer, Villa Montana drew a great deal of interest from throughout the multifamily investment community,” says Ron Harris. 

“The asset’s Spanish Revival-style apartment homes were designed and developed to meet condominium specifications and would be difficult to replicate in Brentwood today.”

“We built Villa Montana with care, quality and attention to detail,” comments Kahan. “We are extremely pleased with the sale and believe that the buyer still has tremendous upside as the marketplace continues to improve.” 

“This sale is a true testament to the strength of the apartment market and an indication of where investors see rents trending,” adds Darrow.

 “Villa Montana could have been bought and the apartments immediately sold individually as condominiums as Brentwood is a highly affluent market that would have easily absorbed $1 million and higher condominium price points. 

"However, apartment investors’ bullish outlook on apartment rent growth made them far more competitive than condominium converters.”  

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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