Berkadia Completes Sale of Multifamily Property in Los Angeles
IRVINE, Calif. – March 17, 2023 – Berkadia Institutional Solutions announced today the sale of Angelene, a 179-unit apartment community located in the West Hollywood neighborhood of Los Angeles, California. Managing Director Derrek Ostrzyzek, Senior Managing Directors Tom Moran and Rachel Parsons and Senior Director Mike Murphy of Berkadia Irvine completed the sale on behalf of the institutional seller. The buyer was Texas-based Olympus Property, and the deal closed on March 14.
“Angelene offers Olympus Property with a newer vintage asset in one of LA’s most supply constrained submarkets” said Ostrzyzek. “Combining strong property level operations, an expiring eviction moratorium and a submarket that is on a path of accelerated growth, Angelene offers the potential for strong, stable and outperforming returns.”
Located at 915 North La Brea Ave., Angelene was completed in 2016 and features a unique array of well-designed and spacious floor plans averaging 874 square feet. The property offers a mix of studio, one-, two- and three-bedroom floor plans and an extensive, hotel-style amenity package featuring an expansive pool deck with alfresco seating, firepits and BBQs, an abundance of outdoor common area spaces, a yoga and spin studio with weight-training equipment and a community clubhouse with a lounge area and an entertaining kitchen. Angelene also includes a 33,500 square foot Sprouts Farmers Market.
Angelene is located in the heart of the entertainment capital of the world and the Hollywood Media District with nearby retail and high-end boutiques, restaurants and bars. Surrounded by over 85 million square feet of office space within a five-mile radius, Angelene boasts incredible access to jobs in Hollywood/West Hollywood, Beverly Hills and Mid-Wilshire.