X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

LOS ANGELES-New York-based BlackRock Realty Advisors has acquired the new 129-unit Villa D’Este apartment complex in Encino from Beverly Hills-based Astani Enterprises for $37 million. Shane Astani tells GlobeSt.com that the transaction was a direct deal between the buyer and the seller.

Astani Enterprises developed the property at 5513 Lindley Ave. on the site of a former apartment complex. The company completed the Villa D’Este last year and brought occupancy to 80% at the time of the sale to BlackRock.

“The upside for the buyer here is in true market rents, and that’s what institutional patient money is looking for,” says Astani, whose company targeted institutional investors as prospective buyers for the property. A number of potential buyers were interested in the property, which is not subject to rent control and was on the market for about 45 to 60 days before the recent closing of the sale to BlackRock.

Astani points out that rents for luxury apartments have remained somewhat below what they would otherwise be because the luxury market is competing against the for-sale housing market. But as interest rates rise and the housing market cools off, owners of luxury apartments should be able to raise rents significantly, Astani observes.

Villa D’Este is a three-story property that features a fitness center, a pool, a sun deck, 10-foot ceilings, in-unit washers and dryers, a landscaped courtyard, controlled building access and gated resident parking. The project, which opened July 2005, fronts Burbank Boulevard and Lindley Avenue near the Ventura (101) Freeway.

The apartment building is positioned over one level of above grade parking, totaling 245 covered tenant and guest parking stalls. The unit mix includes three flat style singles averaging 535 sf; 20 flat style one-bed, one-bath units averaging 845 sf and106 flat style two-bed, two-bath units averaging 1,100 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.