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In the Hollywood Hills neighborhood of Los Angeles, Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently closed the sale of Candela. This 112-unit multifamily property was sold for $35.49 million, equating to $316,875 per unit.
According to Kevin Green, IPA’s executive managing director investments: “The previous owners made significant investments in transforming Candela into one of the top boutique luxury apartment buildings in this submarket.” Green worked alongside Joseph Grabiec and Gregory Harris from IPA to represent Raintree Partners as they sold the property and procured Cityview as their buyer. Grabiec added that new ownership now has an opportunity to focus on high-return interior improvements for unrenovated units using a proven renovation plan that has previously resulted in significant premiums.
Built in 1974 with controlled access entryways, Candela offers classic units featuring Formica countertops and white cabinetry with black appliances and spacious closets. The renovated units boast stone countertops along with stainless steel appliances, recessed lighting,and vinyl plank flooring while most also have private balconies or patios.
Cityview recently acquired these Hollywood Hills apartments for $35 million through this transaction facilitated by Connect CRE.
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