Private Investor Grabs Micro-Unit Complex

LOS ANGELES—A private investor has acquired the WhitelyHouse, a 100-unit apartment complex, for $14.7 million from an affiliate of Vista Investment Group in an off-market transaction. The property has 70 250-square-foot micro units, 30 500-square-foot junior one-bedroom units and 9,000 square feet of retail space on the ground floor.

Formerly a hotel, Vista Investment Group renovated the building into a micro-unit and junior one-bedroom complex between 2011 and September of 2012. “Micro-units allow renters access to well-designed, well-located apartment buildings at a price point not otherwise available,” says Jonathan Barach, Vista Investment president. “While not for everyone, the micro-unit concept appeals to a segment of renters, mostly young singles or couples that cannot afford the rent that larger units in the same area command.”