Sunday, April 12, 2015

IPA Sells Los Angeles County Multifamily Asset for $61.1 Million


The Enclave apartments, 13801 Paramount Boulevard,  Paramount, CA

Greg Harris
PARAMOUNT, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Enclave, a 306-unit apartment complex in Paramount, Calif. The $61.1 million sales prices equates to $200,000 per unit.

            IPA executive vice presidents investments Greg Harris and Ron Harris, along with IPA directors Kevin Green, Joseph Grabiec and Paul Darrow, and associate director Michael DiSimone, advised the seller, Kennedy Wilson. 

The buyer is Bridge Investment Group Holdings, and its joint venture partner Starr Companies, a global insurance and investment organization. 

“The Enclave’s distinctive architectural touches and consummate amenity package differentiate it from the competitive product in the area and make it one of the premier multifamily investment assets in southeast Los Angeles County,” says Greg Harris.

Ron Harris
Built in 1991 on 4.7 acres at 13801 Paramount Blvd. in Paramount, Calif. the property features easy access to California State Route 91 and interstates 105, 605 and 710, and is close to Downey, Lakewood, Bellflower, Norwalk and Cerritos. Four local Metro lines are also nearby.

Major employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center.

Apartments at The Enclave feature nine- and 10-foot ceilings, interior and exterior storage space, large walk-in wardrobe-style closets, private balconies/patios and deep oval-shaped soaking tubs.

Select units have gas fireplaces. Community amenities include a 24-hour fitness center, a resort-style swimming pool, spa, sundeck, Internet cafe with flat-screen monitors and printers, subterranean 656-car parking structure with remote access, and on-site laundry facilities.


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

Gina Relva
Public Relations Manager

(925) 953-1716

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