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7/14/15
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Villa Montana, a 20-unit apartment property in West Los Angeles’ Brentwood neighborhood, sold for $20.05 mil in a deal that works out to just over $1 mil per unit. We’re told that this is the highest price per unit ever paid for a Los Angeles apartment building not adjacent to the ocean.
The buyer is a private investor who exchanged into Villa Montana after selling a property in New York City. The property was acquired without debt.
Built in 2005 and offered by the original developer, Villa Montana is located at 11611 Montana Ave in Brentwood, within walking distance of shops and restaurants in Brentwood Village and a short commute from major employment centers such as Beverly Hills, Century City, Culver City and Santa Monica. Will Rogers State Historic Park, Sullivan Canyon Park and Rustic Canyon Park are all nearby, as are The Getty Center, Geffen Playhouse, and the Annenberg Space for Photography. The Riviera Country Club and the Brentwood Country Club are less than two miles away.
Marcus & Millichap executive vice presidents of investments Ron Harris and Greg Harris, along with associate vice president investments Paul Darrow, represented the buyer and the seller, Ken Kahan of California Landmark. Kevin Green, Joseph Grabiec, and Michael DiSimone were also part of the listing team.
“Villa Montana drew a great deal of interest from throughout the multifamily investment community,” says Ron Harris. “The asset’s Spanish Revival-style apartment homes were designed and developed to meet condominium specifications and would be difficult to replicate in Brentwood today.”
“This sale is a true testament to the strength of the apartment market and an indication of where investors see rents trending,” adds Darrow. “Villa Montana could have been bought and the apartments immediately sold individually as condominiums as Brentwood is a highly affluent market that would have easily absorbed $1 million and higher condominium price points. However, apartment investors’ bullish outlook on apartment rent growth made them far more competitive than condominium converters.”
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