Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of Candela, a 112-unit multifamily property in the Hollywood Hills neighborhood of Los Angeles. The asset sold for $35.49 million, or $316,875 per unit.
“Prior ownership invested significantly in the property to transform Candela into one of the submarket’s premier boutique luxury apartment buildings,” said Kevin Green, IPA executive managing director investments.
Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Raintree Partners, and procured the buyer, Cityview. “New ownership will have the opportunity to focus almost exclusively on high return interior improvements to the unrenovated units and follow a proven renovation plan that has yielded significant premiums,” said Grabiec.
Built in 1974, Candela is a controlled-access apartment building. The classic units have Formica countertops, white cabinetry, black appliances, and large closets. The renovated units have stone countertops, stainless-steel appliances, recessed lighting, and vinyl plank flooring. Most units have a private balcony or patio.
