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.

Optimus Properties, LLC purchased 5214-5232 W. Sunset Blvd., a 19,904 square-foot retail strip center in Hollywood, situated on a 42,076-square-foot lot, via a court-ordered sale. The center is shadow-anchored by a box retail space that was formerly 99 Cents Only’s top location in the country by number of visits. 

The property is currently occupied by a mix of service-oriented tenants, restaurants and soft-goods retailers with rents significantly below market. Optimus plans to update the property with cosmetic upgrades, which include new paint, storefront, tenant signage program, and façade work to improve the curb appeal and attract quality tenants.

“This is the third retail property we purchased on Sunset Boulevard in less than two years,” said K. Joseph Shabani, principal at Optimus Properties. “We saw this as a great opportunity to add to our rapidly growing retail portfolio with a center in a prime area with a great tenant mix that serves the surrounding neighborhood well.”

The distressed property market is just beginning to unfold, with significant challenges still ahead. On October 22, hear experts from Trimont, Greystone, Transwestern and more discuss the rising tide of distressed assets, upcoming CMBS maturities, and stricter underwriting practices. Gain insights into what lies ahead as we transition into 2025 at Connect Distressed Investment & Finance at the Luxe on Sunset in LA.