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Colliers, through the efforts of Kitty Wallace and Melanie Nutting of the Wallace Team, successfully facilitated the sale of Mar Vista Lofts for $9 million. The property is a 21-unit multifamily building located in Los Angeles’ Mar Vista neighborhood and was built in 2012. The transaction resulted in a price per unit of $452,380 and a price per square foot of $439.
According to Wallace, this marks Colliers’ third successful sale for their client who has been an investor in high-quality apartment buildings on the Westside for many years. However, due to challenges with local legislation, he has decided to slowly exchange his multifamily assets for industrial properties. This led him to sell Mar Vista Lofts – his final and most beloved asset in Los Angeles.
The buyer is a local apartment developer who saw great potential in acquiring this well-located non-rent-controlled property at a cost lower than what it would take to build from scratch. They also partnered with a family office on this acquisition.
Overall, Colliers’ Wallce Team played an integral role in facilitating this successful transaction between Park Towers (1990) Corporation as seller and Mar Vista Lofts 4 LLC as buyer.
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