LOS ANGELES, CA – Walker & Dunlop, Inc. announced that the sale of The Estelle for $ 55,000,000 on behalf of Canfield Development, Inc. to a subsidiary of The Green Cities Company has been completed.
The property, a 61-unit luxury multi-family community in West Los Angeles, was built as condominium for sale in 2020 and converted into rental units amid the pandemic. The property has exceptionally large floor plans averaging 1,474 square feet and was 30% let at the time of sale.
In addition to the spacious living units, The Estelle offers residents a resort-style feel with a state-of-the-art fitness center, Mediterranean pool and lots of green space, including three landscaped roofs. Located in a residential neighborhood, the Estelle offers breathtaking views of Los Angeles and easy access to the city's employment hubs, restaurants, culture, nature and retail.
The sale was handled by Blake Rogers of Walker & Dunlop, Hunter Combs, Alexandra Caniglia and Javier Rivera. Mr. Rogers commented, "Class A transactions in Los Angeles have been rare since the pandemic broke out, with The Estelle representing only the fourth institutional quality good deal in the city since April 2020. However, we anticipate a Class A sales pace of due to the fact Rapidly improving apartment building fundamentals accelerate this sale and solid lease performance in this environment for Canfield Development to create an unprecedented asset with unique, wellness and eco-conscious features that are perfectly tailored to tenants in Los Angeles. This property will undoubtedly be in will see sustained and resilient growth in the years to come. "
"We are very proud of The Estelle and how the building was created. It is one of the most beautiful buildings we have designed, with a thoughtful, luxurious design, exceptional amenities and breathtaking views of the city. We are confident that that will." High quality infill assets will prove to be an extremely valuable investment for The Green Cities Company, "said Serge Shirikjian, CFO of Canfield Development. "The Walker & Dunlop team have been an excellent partner in facilitating this disposition and we look forward to working with you again as we continue to build our signature communities across Southern California."
Source: Walker & Dunlop