Palo Alto firm secures apartment complex in Los Feliz

UPDATED 6:35 p.m., Sept. 24, 2018:

A private multi-family investment firm from Palo Alto has picked up an apartment community in Los Feliz for $55 million.

Pacific Urban Residential purchased Los Feliz Club Apartments, a four-story, 114,000-square-foot complex with 134 units at 1800 N. New Hampshire Ave.

The sellers included five individuals and Netanel Family LLC, according to property records. The same investor group, operating under 1800 New Hampshire Associates LLC and 1800 New Hampshire Avenue Investors, is a Woodland Hills-based TIC that has owned the apartment complex since it was built in 1987, according to records and an agent involved in the deal.

Kitty Wallace, an executive vice president at Colliers International, said the new owner plans to do a “dramatic remodel” on the property. Wallace represented the buyer and seller in the deal.

Wallace told The Real Deal that the owner received numerous offers for the property, including from multiple overseas companies.

The property, with a mix of studio and one- and two-bedroom layouts, is one block west of Vermont Avenue, and it is within walking distance of Barnsdall Art Park and Griffith Park.

Los Feliz home values have risen 10.5 percent in the neighborhood over the past year, according to Zillow. And new multi-family apartment complexes are on the way. A five-story, 65-unit complex at 3160 Riverside Drive is expected to be completed soon.

Correction: An earlier version quoted Wallace as saying that the property at 1800 N. New Hampshire Ave. was one of the “last places in the area left that was built in the 1980s.” In fact, there has been minimal new construction since the 1980s. Also, the earlier version said that the building was last sold in 1987. It was built in 1987, not sold in 1987.