Coastal Mixed-Use Brings One of Highest Per-Unit Prices
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VENICE, CA-As GlobeSt.com reported last week, an Archstone-sponsored partnership has purchased the Frank, a LEED-Platinum certified 70-unit apartment community in Venice, CA, and is renaming it Archstone Venice on Rose. GlobeSt.com has now learned that Gerding Edlen was the seller and that the purchase price, $56,762,000—$810,886 per unit or $605 per square foot—represents one of the highest prices per unit ever achieved for a class-A multifamily asset in Los Angeles County.
The complex, a 70-unit property consisting of 84,508 square feet of apartments and 9,300 square feet of ground-floor retail space, is located at 512 Rose Ave. It was built this year on 1.38 acres and is within walking distance of Abbot Kinney, one of the trendiest shopping districts in the Los Angeles MSA, and five blocks from the Pacific Ocean.
Ron Harris and Greg Harris, both EVPs investments, and directors Joseph Smolen and Kevin Green—all at IPA, the multifamily brokerage division of Marcus & Millichap—represented the seller, while the buyer was also represented by IPA. “The Frank represents a high watermark for Westside Los Angeles apartment transactions,” said Ron Harris in a prepared statement. He added that the Frank appeals to a wide range of residents and attracts a tenant base ranging from young artists to successful professionals.
“Now that it has fully stabilized, the asset is positioned to operate as the premier luxury community in the Venice/Santa Monica submarket,” said Greg Harris in the statement.
Units in the complex feature quartz countertops, stainless-steel appliances, wood flooring, gas ranges, washer/dryers and private patios/balconies; some units feature walk-in closets, ocean views and townhome-style floor plans. Amenities include uniquely designed courtyards, a resident vegetable garden, a community lounge and a two-level subterranean parking structure, and walls throughout the property are decorated by large murals produced by local artists. The ground-floor retail spaces include a vegan café, an Italian restaurant, a yoga studio, a clothing boutique and a barber shop.
As GlobeSt.com previously reported, earlier this month a partnership of Archstone picked up Bay Club, a 205-unit apartment community in Marina del Rey, CA, for $43.95 million.
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