Brentwood Apartments Fetch Record $1M/Door
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Villa Montana, a 20-unit property in Brentwood, has been picked up by a private investor in an exchange after selling a property in NYC. Marcus & Millichap EVP of investments Ron Harris, who repped seller California Landmark, tells us the seller had a low basis in the property, after buying an existing building and completing a teardown and redevelopment. The $20M price equates to $1,002,500 per door, which Ron says is the highest price per unit ever paid for an LA apartment building not adjacent to the ocean. Marcus & Millichap EVP of investments Greg Harris and associate VP Paul Darrow also repped the seller. Kevin Green, Joseph Grabiec and Michael DiSimone were also part of the listing team.
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The property, 11611 Montana Ave, was built in 2005 by California Landmark (here's firm president Ken Kahan) and is mapped for a condo conversion. But Ron tells us the buyer plans to continue operating it as an apartment building. It's routinely fully leased, he says, partially due to access to some top-notch amenities, including being walking distance from shops and restaurants in Brentwood Village and a short commute from employment centers such as Beverly Hills, Century City, Culver City and Santa Monica.