TA Realty pays $65M for luxury Venice apartment complex
Deal for 70-unit property from AvalonBay marks one of largest multifamily sales in area this year
TA Realty paid $65 million for a 70-unit luxury apartment complex in Venice, one of the larger multifamily transactions in the area this year.
Multifamily landlord giant AvalonBay Communities was the seller.
Completed in 2012, the newly renamed Venice on Rose is located at 512 Rose Avenue and includes 9,300 square feet of retail space, according to the Los Angeles Business Journal, which first reported on the sale.
The deal figures out to about $928,500 per unit. The apartments average about 1,200 square feet and rents are between $4,400 and $4,600 per month, according to Realtor.com. Parking is located in two underground levels.
The retail space is fully leased to several small stores.
Marcus & Millichap represented AvalonBay Communities on the sale.
Green said that the average annual household income for residential tenants in the complex was $300,000, pegging the complex at the upper end of rentals in the area. Venice has experienced an influx of tech companies and tech professionals over the last decade or so, which has contributed to a steep increase in rents and home prices.
Boston-based TA Realty’s last big play in the area was the $138.5 million purchase of a Northrup Grumman office in El Segundo in May 2019.
AvalonBay is the country’s fourth largest multifamily landlord and is based in Virginia.
In July, AvalonBay participated in a $6.5 million Series A funding round for AI-powered leasing assistance startup MeetElise. AvalonBay has deployed the company’s digital assistant tech to some of its multifamily properties. [LABJ] — Dennis Lynch