Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of Candela, a 112-unit multifamily property in the Hollywood Hills neighborhood of Los Angeles. The asset sold for $35.49 million, or $316,875 per unit.

“Prior ownership invested significantly in the property to transform Candela into one of the submarket’s premier boutique luxury apartment buildings,” said Kevin Green, IPA executive managing director investments.

Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Raintree Partners, and procured the buyer, Cityview. “New ownership will have the opportunity to focus almost exclusively on high return interior improvements to the unrenovated units and follow a proven renovation plan that has yielded significant premiums,” said Grabiec.

Built in 1974, Candela is a controlled-access apartment building. The classic units have Formica countertops, white cabinetry, black appliances, and large closets. The renovated units have stone countertops, stainless-steel appliances, recessed lighting, and vinyl plank flooring. Most units have a private balcony or patio.

Multifamily investment management and development firm Cityview has completed Portico, a 378-unit multifamily project in Oakland’s Brooklyn Basin master-planned community. Located at 37 8th Ave. in an Opportunity Zone on the Oakland Estuary, the property has launched leasing, with rents starting at $2,097 per month for a studio apartment.

“Portico provides 378 units of waterfront housing in one of the fastest growing and most vibrant areas of Oakland,” said Sean Burton, CEO of Cityview. “Cityview was able to leverage our extensive experience developing both in the Bay Area and in opportunity zones to deliver highly amenitized, ideally located housing for the community.”

Portico residents will have access to Brooklyn Basin’s extensive waterfront recreational and retail amenities, which will include a network of waterfront parks, a promenade, restored wetlands, a pedestrian and bicycle trail system, event space for concerts and art exhibits and 200,000 square feet of retail, dining and shopping space. They will also have access to Brooklyn Basin’s private transit shuttle service.

Cityview, a locally based multifamily investment management and development firm, has completed Jasper, a 296-unit Opportunity Zone project adjacent to the University of Southern California in Los Angeles’ rapidly growing University Park East neighborhood. Located at 2528 S. Grand Ave., the project site housed a defunct bookbinding factory and other unused industrial buildings.

“Jasper is bringing nearly 300 units of much-needed housing, including affordable units, to an area experiencing an extreme shortage,” said Sean Burton, CEO of Cityview. “Located in a vibrant neighborhood with easy access to jobs, higher education, transit and entertainment, Jasper offers extensive amenities that foster resident well-being and connection.”

In addition to Jasper, Cityview is nearing completion on The Parker, a 123-unit multifamily development at 5930 W. Pico Blvd., and will complete Belle on Bev, a 243-unit multifamily project in Los Angeles’ Historic Filipinotown, later this year. It also recently commenced construction on South Bay X, a 265-unit multifamily project in Los Angeles’ South Bay.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.