Dealmaker: Institutional Property Advisors Closes $76 Million Studio City Multifamily Sale

Institutional Property Advisors, Ontario, Calif., sold Avalon Studio 4121, a 149-unit multifamily asset in Los Angeles’ Studio City neighborhood.

The property sold for $76 million, which represents $510,067 per unit.

“Located across the street from CBS Studio Center, Avalon Studio 4121 is a high-quality institutionally maintained asset in one of Los Angeles County’s most affluent submarkets,” said IPA Executive Director Kevin Green. He noted the property is one of only two 100-plus unit buildings built in the neighborhood in the past 15 years and said the area’s multifamily pipeline is extremely small.

Green and IPA Joseph Grabiec and Greg Harris represented seller Avalon Bay Communities, Arlington, Va., and procured buyer Gelt Inc., Tarzana, Calif.

Grabiec noted the average multifamily occupancy in Studio City exceeds 96%. “The lack of nearby sites available for development insulates Avalon Studio 4121 from future competition,” he said.

Located north of the Hollywood Hills, Studio City near State Route 170/The Hollywood Freeway and U.S. Highway 101, two of central Los Angeles’ primary thoroughfares. The Universal City/Studio City Metro Station is within walking distance and many entertainment employers, including NBC Universal, Universal Studios and Crown Media Holdings are nearby. “There are more studio production spaces and sound stages in the area surrounding Avalon Studio 4121 than anywhere else in the world, and many companies have plans for expansion,” Grabiec noted.

Constructed in 2009, Avalon Studio 4121 is a two-building, four-story asset with 120,354 square feet of rentable area.