A 104-unit Montrose apartment building has sold for $30 million, said the real estate investment service division of Marcus & Millichap Inc. in Calabasas, which helped negotiate the sale.
Institutional Property Advisors, which advises institutional and private real estate investors, handled the sale of the Vue at Montrose for more than $288,000 per unit on behalf of the seller, Pacific Urban Residential. The buyer was 2121 Valderas Drive, whose principal is Dave Mercer, chief executive of Culver City real estate developer Realty Center Management Inc.
The 4-acre apartment complex, with studios and one-, two- and three-bedroom units, is located at 2121 Valderas Drive in the La Crescenta-Montrose area and is close to the Montrose Shopping Park and public transportation.
Renovations at the complex between 2013 and 2015 included granite countertops, custom cabinetry, stainless-steel appliances, wine refrigerators, laminate flooring and crown molding. Those helped push up the complex’s occupancy rates, said Ron Harris, IPA’s executive vice president of investments.
“The community’s consistently high occupancy levels demonstrate its desirability,” Harris, who together with Director Paul Darrow and Associate Director Michael DiSimone represented the seller and found the buyer, according to Marcus & Millichap.