Miracle Mile urban oasis trades for $27.1M

As reported by Karen Jordan @ Bisnow LA:

A new Miracle Mile apartment building, originally known as the Micropolitan, has been snapped up for $27.1M and renamed the Urbanpolitan (739 S Ogden Ave). We spoke with Investment Real Estate Associates SVP Clark Everitt to get the exclusive story on the deal.

The new 45-unit apartment building began leasing last August. Its proximity to the new Metro Purple Line extension being built on Wilshire Boulevard and the other amenities in the area, including the Los Angeles County Museum of Art, made it attractive to the buyer, Clark tells us. It all "fit into a vibe and a location that really worked for them," he says.

He describes the property's design as fantastic with features, including courtyards, a coffee bar, a gourmet kitchen, open spaces, sitting areas, LED lighting, and WiFi throughout. There is a dog spa complete with shower heads, soap dispensers and drying areas, and a secured bicycle parking area with bike repair stations. The property has 32 one-bedroom apartments that average 800 SF and 13 two-bedroom apartments that average around 1,100 SF. Each unit has air conditioning and alarms controlled by an app on a resident's cell phone.

The seller, 739 Ogden Drive LLC, consisted of multiple developers and investors, Clark says. It does not plan to make any changes to the property, which is fully leased.

Clark, along with his brother, Investment Real Estate Associates SVP William Everitt, repped the buyer. Marcus & Millichap's Ron Harris and Paul Darrow repped the seller. This transaction was an upleg in a 1031 Exchange purchased by the sellers of 443 S San Pedro St in DTLA.

Year Built: 2015
Type: Apartment
Units: 45