Brentwood Apartments Fetch Record $1M/Door
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.
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.