Los Angeles’ multifamily market is turning out more investment sales at the end of 2021.
Fairfield acquired the 103-unit Broadstone Candara at Hancock Park from Alliance Residential for $60.1 million, or $583,495 per unit.
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Representatives for Fairfield were not immediately available for comment.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI), announced the deal and represented Alliance Residential. Kevin Green, an executive director at IPA, said Broadstone Candara is one of two 100-plus unit assets in Hancock Park. The property was built in 2015 near the southern edge of Hollywood at 738 Wilcox Avenue.
“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,” Green said in a press release. “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.”
IPA’s Joseph Grabiec joined Green on the deal.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
