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

Los Angeles /
Sep.September 11, 2020 10:42 AM
AvalonBay Communities CEO Timothy J. Naughton, TA Realty Managing Partner James O. Buckingham, and Avalon Venice
AvalonBay Communities CEO Timothy J. Naughton, TA Realty Managing Partner James O. Buckingham, and Avalon Venice

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.

The company is building a 475-unit mixed-use development in the Arts District. The firm scooped up a 132-unit apartment complex in Cerritos last year.

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


Related Articles

arrow_forward_ios
Stay Open CEO Steve Shpilsky and a rendering of the project (Linkedin, Stay Open)
Poddy time: Venice-based pod hotel startup leases first space
Poddy time: Venice-based pod hotel startup leases first space
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
Christopher Rising and Sam Manoochehri (Linkedin)
Rising Realty expands into multifamily market
Rising Realty expands into multifamily market
Geoff Palmer and a rendering of the project (Getty)
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
Rendering of the project and Regency Park President Emil Fish (City of Pasadena)
Senior living developer upsizes Pasadena project
Senior living developer upsizes Pasadena project
Gil Cedillo and Hillside Villa apartment building (Google Maps)
LA should buy Chinatown resi complex with Covid relief funds: Councilman
LA should buy Chinatown resi complex with Covid relief funds: Councilman
Federal Reserve officials expect back rent across California will total nearly $1.7 billion
California renters will owe $1.7B in back rent by year end: report
California renters will owe $1.7B in back rent by year end: report
Jamie Lee and the development site (Credit: Google Maps)
Jamison files plans for mixed-use complex in Koreatown
Jamison files plans for mixed-use complex in Koreatown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...