Fairfield Residential closed out the year by planting its flag in the upscale Hancock Park neighborhood of central Los Angeles.
The San Diego-based multifamily specialist purchased a 103-unit complex at 738 Wilcox Avenue for $60.1 million, according to an announcement last week from Marcus & Millichap, which brokered the deal.
At around $589,500 per unit, the deal is one of the pricier per unit sales of this year. The median per unit sales price across the top ten deals in Los Angeles County this year was around $587,400, according to data compiled by The Real Deal.
Phoenix-based Alliance Residential acquired the site for the development for around $3 million in 2012 and completed construction of the complex in 2015. The complex, now dubbed Candara at Hancock Park, is managed by Greystar.
Rents at the complex currently range from $2,675 for a studio to $5,576 for a two-bedroom unit, according to online listings.
The complex is only one of two apartment complexes in the neighborhood with 100 units or more, according to Marcus & Millichap’s Kevin Green. “Nearby parcels are either not suitable for high-density residential development” or are protected by historical zoning, he said in a statement.
But the mix looks to be set for a change in Hancock Park, which is located about halfway between Downtown Los Angeles and the Westside, and features many homes that date back to the 1920s and carry high-toned touches of Tudor and Italian Revival styles on oversized lots around the Wilshire Country Club. Tiger West Capital is planning to build a 63-unit complex at 7000 Melrose Avenue through the city’s transit-oriented communities program.
Wilshire Springs, a limited liability company linked to commercial developer Thrifty Oil, is planning to build a complex in Hancock Park with 242 units, replacing an existing strip mall.