La Crescenta Apartment Complex Sells for $35 Million

A 92-unit apartment complex in La Crescenta-Montrose sold for $34.5 million, Institutional Property Advisors announced Tuesday. The property at 3250 Fairesta St. is called the Summit at La Crescenta. It has a pool, basketball court and a gated entrance. The Summit was 96 percent leased at time of the sale, according to CoStar Group Inc. Institutional Property Advisors is a division of Marcus & Millichap Inc. in Calabasas. IPA’s Kevin Green, Joe Grabiec and Greg Harris represented the seller, a joint venture between Stockbridge and NNC Apartment Ventures. IPA also found the buyer, Raintree Partners. Raintree Partners has been on a buying tear in L.A. In the last nine months, the Dana Point-based firm has acquired eight assets in the Glendale/La Crescenta area for $114 million, Raintree Partners Managing Director Aaron Hancock said in a statement. “The Summit at La Crescenta is one of only five buildings greater than 50 units in La Crescenta-Montrose and over the past 20 years, just 44 units have been added as supply is constrained by the lack of available land and the difficulty of aggregating parcels,” Green said in a statement. “As a result, the area is a largely underserved market, as evidenced by the 1% residential vacancy rate.”