California Landmark Group Cashes Out of Brentwood Multifamily

A Japanese family office has picked up a Brentwood multifamily building for $58.1 million, the city’s most-expensive price per unit in years, according to a broker on the deal.

Famh Group acquired BW, a 78-unit apartment building at 1168 South Barrington Avenue from California Landmark Group, according to a news release from Institutional Property Advisors, a subsidiary of Marcus & Millichap. The deal pencils out to $744,900 per apartment, the city’s highest price per unit “of an institutional-sized transaction of $30 million or more” in over three years, IPA’s Joseph Grabiec said.

He negotiated the deal along with IPA’s Kevin Green and Gregory Harris.

BW, completed in 2013, comprises studio, one-, two- and three-bedroom units, averaging 989 square feet and $4,365 per month, a spokesperson for IPA said.

Property amenities include a rooftop lounge with Jacuzzi, fitness center, business center, electric vehicle charging stations and on-site garage parking.

Pita Bar + Grill occupies 2,300 square feet on the ground floor of the building.

Ken Kahan, founder of California Landmark Group, a West Los Angeles-based multifamily development firm, didn’t respond to a request for comment. Famh, a Sherman Oaks unit of Tokyo-based Kabushiki Kaisha FAMH Group, declined to comment through IPA’s representative.

In a neighborhood where the average annual household income is over $213,700 and single-family homes go for a median price of over $3.6 million, renters “make up 48 percent of the population,” Green said.California Landmark Group sold another multifamily property last year, an 120-unit apartment complex at 349 South La Fayette Place, in Rampart Village, for $43.4 million. That deal worked out to $361,667 per unit.