Is Westlake L.A.’s Hottest Multifamily Market?

The 253-unit property was built in 1971.

LOS ANGELES—Westlake Village may be one of the hottest submarkets in Los Angeles, or at least its fundamentals pose great opportunities for investors. The market has soaring demand, nearly no construction, plenty of employers and it has seen steady rental rate increases for five years; plus, the submarket’s premium rents lead Los Angeles as a whole.

Illustrating the investor demand in the market, IMT Westlake Village, a 253-unit multifamily property in the market, has traded hands for $88.3 million between IMT Capital and a 1031 exchange buyer. “The city’s business friendly environment and its proximity to major employment along the 101 Corridor will continue to attract growth and economic prosperity in the coming years,” Kevin Green, a senior director at Institutional Property Advisors, tells GlobeSt.com. “Given the strong submarket fundamentals, the buyer was presented with the opportunity to complete a strategic renovation in a market where there is a significant affordability gap to home ownership and a scarcity of new supply.”