Wednesday, June 6, 2012

IPA Sells 91 Units in Los Angeles for $16.1 Million



LOS ANGELES, CA– Marcus & Millichap’s Institutional Property Advisors (IPA), the firm’s recently formed institutional multifamily brokerage division, has brokered the sale of  Ardmore Court Apartments (top left photo), a 91-unit apartment complex near the Wilshire District in Los Angeles. The sales price of $16,150,000 equates to $177,473 per unit and $296 per square foot.

 Greg Harris (middle right photo), an executive vice president, and Kevin Green (middle left photo) and Joe Grabiec (lower right photo), both associate directors, represented the seller, a joint venture between Fowler Properties Acquisitions/PCCP and CalSTRS. The buyer was a Los Angeles-based private party also represented by IPA.

“The buyer seized a unique opportunity to acquire a sizeable market-rate asset in Los Angeles’ coveted Koreatown neighborhood,” says Grabiec. “Due to its infill location and strong micro-economic trends, the property is well poised for future rent growth and the realization of its upside potential.”

The 54,617-square foot property is located on a corner lot two blocks north of Wilshire Boulevard and west of Normandie Avenue at 510 South Ardmore Ave., two miles south of the Hollywood Freeway, U.S. Highway 101. The neighborhood is close to the Wilshire District, less than five miles from the heart of Hollywood and five miles to downtown Los Angeles.

Ardmore Court Apartments is a three-story apartment building constructed in 1980 and renovated in 2008/2009. All units have wall air conditioning and heating units and are separately metered for gas and electricity. The property features 19 spacious studios and one- and two-bedroom floor plans.

 The apartments have modern kitchens with stainless steel sinks, gas ranges, dishwashers and designer-selected carpeting, flooring and window coverings. Select units feature private balconies.

Community amenities include gated subterranean parking with 109 parking spaces, controlled access, courtyard areas and centrally located laundry facilities on each floor.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716



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