Alliance Residential paid $64.3 million for a 132-unit apartment complex in Los Feliz.
The Phoenix-based investor bought the 34-year-old Vue Los Feliz at 1800 N. New Hampshire Ave.from an undisclosed private multifamily investment firm, Bisnow reported.
The price was $479,871 per unit, well above the $310,000 average for Greater Los Angeles, which rose 7 percent in the second quarter.
Marcus & Millichap’s Kevin Green, Joseph Grabiec and Greg Harris brokered the deal.
The Vue Los Feliz, built in 1988 southwest of Franklin and Vermont avenues, has studio, one- and two-bedroom apartments with hardwood floors, dining rooms and walk-in closets. It has an indoor saltwater swimming pool, spa and a rooftop patio.
Rents range from $3,180 to $3,305 a month, according to Greystar. The average rent across L.A. metro rose 17.3 percent in the second quarter to $2,629, according to Marcus & Millichap.
Apartments built after 1980 are popular with investors in Los Angeles, Santa Monica and West Hollywood because they aren’t subject to rent control, according to Marcus & Millichap.
Late last year, Alliance sold a 103-unit apartment complex in Hancock Park to Fairfield Residential for $60.1 million, according to Bisnow.
It also sold a complex it developed in Laguna Niguel for $545K per unit. The transaction was the second-largest per-unit price of any sale in Orange County last year, according to Kidder Mathews.
Investors spent $18.6 billion on apartment properties in Los Angeles since early 2021, or 5 percent of multifamily investment across the U.S. L.A. ranked fourth for multifamily investors by dollar volume over the last four quarters.
At the same time, rising interest rates caused multifamily construction in Los Angeles County to drop by 47 percent in the first quarter compared to last year.
– Dana Bartholomew
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