12602 Moorpark St, Studio City

The LAAA Team at Marcus & Millichap is proud to announce the impressive sale of The Beeman Apartments, a luxury and modern 8-unit apartment complex located in the heart of Studio City. This fully non-rent-controlled property is ideally situated between Coldwater Canyon and Laurel Canyon Ave, within walking distance from Ventura Blvd and all the shopping, dining, and entertainment that Studio City has to offer. Built in 2017, this 8-unit property sits on a corner lot with an alley behind, and the 9,249 square foot building is comprised of (6) 1 bed / 1 bath units and (2) 2 bed / 2 bath units.

Record Sale in Studio City

This impressive sale now holds the #3 spot for highest price/sqft ever, and the #4 spot for highest price/unit ever achieved in Studio City for a 5+ unit apartment building (source: CoStar).

With regards to the three buildings that sold for a higher price/unit than 12602 Moorpark, two of those were condos and the third's building was comprised of all very large 3 bedroom units, and all three of them were sold in a significantly better interest rate environment.

LAAA Team's Recent New Construction Sales

We have become one of the most active teams in Los Angeles for selling new construction apartment buildings. This part of our business goes hand in hand with our land sales because they both have to do with our relationships with hundreds of local developers. We often sell land to a developer who will then list the finished building with us a couple years later, creating great synergy in our business structure.

This closing today has become our 10th new construction deal sold in the past 2 years which accounts for 11% of our total closings in that timeframe. See below for a list of our recent new construction sales organized by close date.

In our career, we have sold 35 newer construction buildings (built in 2000 or newer) combining for 500 units and $225 million in sales, which accounts for about 9% of our total career transactions.

To see a list of all newer construction closings of ours, please

Deal Story

The sellers of 12602 Moorpark St reached out to us over a year ago when they first considered selling the property. They had been tracking all our new construction sales and were impressed with our consistently strong results. After many months of cultivating a trusting advisory relationship with the sellers, it finally came time to list the property and we hit the market in early October 2022 at $5,500,000.

In total, we were...