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Opportunity
Property Summary
Location
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179 unit apartments

West Hollywood, CA

The Opportunity

Berkadia Institutional Solutions is pleased to present Angelene, a 179-unit apartment community anchored by a 33,500 square foot Sprouts in West Hollywood, CA. Built in 2016, the property provides an investor with an incredible opportunity to acquire a newer vintage asset in one of LA’s most onerous and supply constrained submarkets. Priced at a significant discount to new construction, a new owner has the opportunity to implement a cosmetic refresh of the building’s exterior and common area amenities that would allow it to compete head on with West LA’s luxury Class “A” product. 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, outperforming returns.

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Property summary

3-MINUTE WALK FROM 1.5 MILLION SQ. FT. OF RESTAURANTS, BARS, AND SHOPS ALONG MELROSE AVENUE

Address

915 North La Brea Avenue
Los Angeles, CA 90038

Year Built

2016

Site Size

2.28 acres

No. of Apt. Units

179

Net Rentable Multifamily Sq. Ft.

156,316

Retail Sq. Ft.

33,500 sq. ft. Sprouts

Residential Parking

335 spaces

Retail Parking

132

Investment Highlights

Supply-Constrained Submarket: Despite being one of LA’s most desirable communities, West Hollywood has one of the most undersupplied rental submarkets in Southern California. In fact, aside from Angelene only seven institutional apartment communities have delivered in the submarket in the last 33 years.

Exceptional Lease Trade-Outs: Angelene has performed exceptionally well in recent months, with the last 20 new leases achieving average rental increases of 12%, or $395.

Rare Investment Opportunity: Acquiring a deal in West Hollywood is virtually impossible given the scarcity of existing apartment inventory and the fact that most of it is owned by long-term owners (core funds and REITs) who rarely sell. Angelene represents the coveted opportunity to not only gain access to this exclusive submarket but also to acquire a newer vintage asset with a ground-floor Sprouts in one of LA’s most affluent enclaves.

Incredible Resident Demographic Profile: The average household income at Angelene is $254,208. Over 21% of residents work in the tech and entertainment industries, including executives from companies like Netflix, Pandora, Google, Disney, and Showtime.

Timeless Product with Enhancement Opportunity: Built in 2016, Angelene has the architectural envelope of today’s luxury product and, with a light refresh of the property’s exterior and common area amenities, is positioned to meet the demand and taste profile of LA’s luxury-seeking renter.

Discount to Replacement Cost: Developing a multifamily asset in California in today’s climate is no simple feat. Angelene represents a 20 to 25% discount to replacement cost when considering land acquisition costs in West Hollywood, skyrocketing development costs and the dearth of construction financing today.

Prime West Hollywood Location (95 Walk Score): Angelene features a highly-coveted location within the city’s rapidly evolving Media District in West Hollywood, just one block from Sycamore Avenue and Santa Monica Boulevard, two blocks from Melrose Village, and within a mile of the Wilshire/La Brea Metro Purple Line station under construction.

The Entertainment Capital of the World: Surrounded by over 80 million square feet of office space within a five-mile radius, Angelene is situated in the heart of the largest concentration of high-paying entertainment jobs in the world. Endless demand for content creation and production has pushed tech-driven platforms like Netflix, Viacom and Buzzfeed into expansion mode and transformed the area into the crucible of the New Digital Media Revolution.