Canfield sells newly converted luxury rental complex
Completed last year, 61-unit Estelle in Mid-Wilshire was changed from condos during pandemic
Canfield Development has sold a newly built condominium-turned-luxury rental complex in Mid-Wilshire for $55 million.
An affiliate of investment firm Green Cities Company acquired the Estelle at 1333 S. Orange Grove Avenue, according to the Los Angeles Business Journal.
Canfield completed the four-story building last year and converted to rentals during the pandemic. The firm positioned it as a luxury property; units average 1,474 square feet, with rents topping out at around $7,000 a month.
The property is so far 30 percent leased, according to the report.
Multifamily investment sales cratered in Los Angeles during the pandemic-filled year. The top five apartment sales countywide in 2020 totaled $646 million, less than half the total from 2019.
A handful of large deals have closed since the New Year. February saw a portfolio of eight Westside area apartment properties trade for $72.7 million.
Green Cities, which emphasizes environmentally and socially conscious investments, has $2.7 billion in assets under management.
[LABJ] — Dennis Lynch