FAMH Group has acquired The BW, a 78-unit apartment asset with 2,300 square feet of ground-floor retail in the Brentwood neighborhood of Los Angeles. The property sold for $58.1 million, which equates to $744,872 per unit.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, California Landmark Group, and procured the buyer
“The BW is in one of the most affluent multifamily submarkets in California, where demand for luxury rentals is high and the median price of a single-family home is over $3.6 million,” said Kevin Green, executive managing director investments at IPA. “Average annual household income in Brentwood is over $213,700, and renters make up 48 percent of the population.”
The apartment building is located at the intersection of Wilshire Boulevard and Barrington Avenue, adjacent to dining, shopping, entertainment and recreational amenities in Brentwood Village. Within two miles, there are 8 millio
