Brentwood Complex Trades for Highest Price Per Unit in L.A. in Over 3 Years

A powerhouse brokerage team at Institutional Property Advisors (IPA) has closed yet another Southern Californian multifamily sale, this time for one of the highest price-per-unit totals across Los Angeles in recent memory. 

L.A.-based developer California Landmark Group sold the BW, a 78-unit apartment complex at 1168 South Barrington Avenue, in the upscale Brentwood neighborhood on L.A.’s Westside, to Famh Group for $58.1 million — or nearly $745,000 per unit. Kevin Green, Joe Grabiec and Greg Harris of IPA, a subsidiary of Marcus & Millichap (MMI), represented the seller in the deal and arranged the buyer for the 2013-built property. 

The sale marks the highest per-unit price paid for a large multifamily property in L.A. in more than three years, according to Grabiec. Brentwood is one of L.A.’s wealthiest neighborhoods, with an average annual household income of about $214,000, Green said in a statement. Renters make up 48 percent of the enclave’s population.

“The BW is in one of the most affluent multifamily submarkets in California, where demand for luxury rentals is high and the median price of a single-family home is over $3.6 million,” Green said. 

The sale isn’t just a one-off for Green, Grabiec and Harris, either, as the team has made waves, and record-breaking deals in other parts of Southern California lately. That includes brokering  Westview Capital Partners’ $116 million purchase late last year of the 460-unit La Vista Apartments in Santa Maria, Calif., which broke the Santa Barbara County record for both sales price and for number of units sold at the time.

The team also brokered the August 2024 sale of the 163-unit Paragon at Old Town in Monrovia. SCS Development Company paid $87.3 million for the property, equating to over $535,000 per unit. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.