Dealmaker: Institutional Property Advisors Brokers $73M in Office, Multifamily Sales
Institutional Property Advisors, Ontario, Calif., brokered southern California office and multifamily property sales totaling $72.6 million.
In Agoura Hills, Calif., IPA sold sold Platinum Court, a 100,081-square-foot two-building suburban office center. The property traded for $18.5 million.
“Both buildings are highly desirable, boutique offices that are well suited for the current office workplace environment by their suburban location, multiple entry points and lobbies with elevators for private suite access,” said Ben Tashakorian, IPA Executive Director. He and James DeBuiser, Gary Cohen and Ali Valiahdi of Marcus & Millichap represented seller MAK Management LLC and procured buyer LIA Associates LLC.
DeBuiser noted Agoura Hills’ upscale demographics support Platinum Court. The city’s average household income exceeds $183,000 per year.
IPA also sold The Retreat, a 148-unit multifamily asset in Santa Clarita, Calif., for $54.1 million, which represents $365,540 per unit.
Kevin Green, IPA Executive Director, said both institutional and private capital firms bid on the property. “The winning bidder was a private family office that saw heightened value in the stabilized nature of the asset combined with a proven and executable renovation strategy that could be replicated,” he said.
Green and IPA’s Joseph Grabiec and Greg Harris represented the private Los Angeles-based seller and procured the buyer, an Orange County-based private family.
“The Santa Clarita Valley has some of the strongest demographics in Southern California,” Grabiec said. He noted the valley’s $102,381 median income is 48 percent higher than the rest of Los Angeles County. Michael Derk, Executive Managing Director of Capital Markets with IPA Capital Markets, arranged the property’s financing.
Constructed in 1988, The Retreat is close to demand drivers including Westfield Valencia Town Center, several golf courses, Six Flags Magic Mountain and Golden Valley Ranch. Santa Clarita is a top filming location for several studios including ABC, Apple TV and Amazon Studios.
