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12/29/21
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Fairfield closed on a very notable year-end multifamily buy in Los Angeles’ Hancock Park neighborhood, paying $60.1 mil for Broadstone Candara at Hancock Park, a 103-unit asset. The transaction works out to $583.5k per unit.
Constructed in 2015, the property is located at 738 Wilcox, just north of Melrose Ave between Highland Ave and Vine St. It is within walking distance of Larchmont Village, one of most popular urban villages in Los Angeles, home to an eclectic mix of boutiques, gourmet eateries, trendy coffee shops and more.
A short commute away are major employment hubs, including Hollywood, West Hollywood, Mid-Wilshire/Miracle Mile, and Beverly Hills/Century City. The epicenter of the entertainment industry, with millions of square feet of creative and studio space, is just north of the property.
The property has a National Green Building Standard Silver Certification for Energy Efficient Design. Amenities include a zero-edge pool with LED lighting and underwater speakers, temperature-controlled wine coolers, a European-style open air café and a rooftop terrace with gathering areas. The unit mix of studios, and one- and two-bedroom apartments all have high-end appliances, European-style cabinetry, quartz countertops, porcelain tile flooring, oversized closets and windows, and spacious private patios or balconies.
Kevin Green, Joseph Grabiec and Greg Harris with Institutional Property Advisors represented the seller, a global real estate investment advisor, and procured the buyer.
“Broadstone Candara at Hancock Park is one of only two 100-plus unit assets located within the prestigious Hancock Park enclave,” said Green. “The neighborhood just south of the property is composed of multimillion-dollar single-family estates, that present a large affordability gap to home ownership for renters. This insulates the property from future competition as nearby parcels are either not suitable for high-density residential development or are protected by historical preservation overlay zoning.”
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