1261 Stoner Ave, Los Angeles

The LAAA Team of Marcus & Millichap is proud to announce this incredible sale of this 2019 built new construction 8-unit apartment building in prime West Los Angeles, less than one block from Wilshire Blvd and the Brentwood Neighborhood.

All-Time Record Books

This $8.99M sale has cemented itself into the all-time record books with a staggering price per unit of $1,123,750, joining the small group of multifamily properties to ever sell for more than $1.1M per unit.

According to CoStar's all-time sale records for multifamily sales in the Los Angeles market, there have been a total of 14 multifamily properties that have sold for more than $1.1M per unit, and this sale is now the 15th property to pass that threshold.

Furthermore, the other 14 properties in this category were either condo-mapped properties or they were in better locations than this West LA apartment building. Specifically, those other sales were in areas like West Hollywood, Beverly Hills, Westwood, or they were walkable to the beach in places like Malibu, Santa Monica, and Hermosa Beach. With regards to all-time sales records in West Los Angeles specifically, this is the #1 highest price per unit ever achieved.

If you are interested to see a map view of all properties in LA that have sold for more than $1.1M per unit,

*note: you can click on the map icons to see the sale statistics for each of these properties.

Property Information:

Built in 2019 by Conrad Moller of Dansk Investment Group, Inc, the property requires extremely low maintenance and management as it is constructed with high-end materials and luxury finishes. This environmentally-friendly LEED Platinum apartment utilizes passive design techniques aimed to minimize the energy load, and thus the environmental footprint of its occupants. The offering sits on 6,998 square feet of land with 11,485 square feet of rentable area and consists of 1 – 2 Bed / 2.5 Bath, 3 - 3 Bed / 2.5 Bath, and 4 - 3 Bed / 3 Bath units. The property is ideally located just half block from Wilshire Boulevard and offers ocean views from its rooftop deck.

Deal Story:

We were in contact with an outside broker who was representing a 1031 exchange buyer looking for brand new construction or fully turn-key, well located apartment buildings throughout Los Angeles. This buyer wrote a very competitive offer on different listing of ours in the past, but as soon as we listed this West LA new construction deal in mid-September, we had a feeling this was...