Equity Residential acquires new 94-unit building on Pico for $45.2M
UPDATED, 1:45 p.m., Oct. 10: Equity Residential wants to expand its Westside portfolio. Its latest order of business? Buy a brand new 94-unit complex on Pico Boulevard.
The Chicago-based firm recently bought the 64,961-square-foot building at 12301 West Pico Boulevard from developer Amoroso Companies for $42.5 million, or $480,851 per unit, according to property records.
Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division under Marcus & Millichap, represented Amoroso.
The developer acquired the land for $10.5 million in 2012, and built the project — dubbed C on Pico — in 2014, according to property records. It sits one block from the Bundy Expo line station.
Amoroso is working on another 90-unit complex at 1056, 1060 and 1066 South La Cienega Boulevard, TRD reported last month.
This article has been changed to reflect updated information from Marcus & Millichap