Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The BW, a 78-unit apartment asset with 2,300 square feet of ground floor retail in the Brentwood neighborhood of Los Angeles, California.
The property sold for $58.1 million, equating to $744,872 per unit. This sale represents the highest price per unit achieved in the City of Los Angeles for an institutional-sized transaction of $30 million or more in over 36 months.
Located in one of California's most affluent multifamily submarkets, The BW benefits from high demand for luxury rentals and proximity to 8 million square feet of office and creative space. The transaction underscores IPA's ability to execute high-value sales in prime locations.
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