Private Investor Wins Institutional Asset

The property has 45 total units.

LOS ANGELES—A private exchange buyer has purchased the Micropolitan at Urban Lights, a 45-unit institutional-quality multifamily asset, from the Micropolitan, a subsidiary of Psomas. The four-story property was built in 2015. The buyer purchased the property for $27.1 million, or $602,000 per unit.

“This was in their business plan from the jump,” Paul Darrow, a director at Institutional Property Advisors, tells GlobeSt.com about the seller’s decision to bring the property to market. “They buy, build and sell these types of assets. It all starts with market timing, and when they first developed the business plan, they saw that there was a good story in rents and value because of where the market is. This is all in the context of this being a good market with strong rents and a lot of capital.” Darrow represented the seller in the transaction, along with his colleague, director Ron Harris.