LOS ANGELES, CA - Walker & Dunlop, Inc. announced that it completed the $55,000,000 sale of The Estelle on behalf of Canfield Development, Inc. to an affiliate of The Green Cities Company.
The property, a 61-unit luxury multifamily community in West Los Angeles, was built in 2020 as for-sale condominiums and was converted to for-rent apartments amid the pandemic. The property boasts exceptionally large floor plans averaging 1,474 square feet and was 30% leased at the time of the sale.
In addition to its spacious units, The Estelle offers residents a resort-style living experience with a state-of-the-art fitness center, Mediterranean pool, and ample green space, including three landscaped rooftops. Situated within a mostly residential neighborhood, The Estelle features stunning views of Los Angeles while also offering convenient access to the city's employment nodes, dining, culture, nature, and retail.
The sale was handled by Walker & Dunlop's Blake Rogers, Hunter Combs, Alexandra Caniglia, and Javier Rivera. Mr. Rogers commented, "Class A transactions in Los Angeles have been rare since the onset of the pandemic, with The Estelle representing just the fourth closing of an institutional quality asset in the city since April 2020. While we anticipate Class A sale velocity to accelerate as a result of the rapidly-improving multifamily fundamentals, this sale and solid leasing performance during this environment speaks to the fact that Canfield Development created an unparalleled asset with unique, wellness- and environmentally-minded features that cater perfectly to Los Angeles renters. This property will undoubtedly see durable and resilient growth for years to come."
"We are very proud of The Estelle and how the building came out. It's one of the most beautiful buildings we've developed, with a thoughtful, luxurious design, exceptional amenities, and sweeping views of the city. We're confident that the high-quality, infill asset will prove to be a highly valuable investment for The Green Cities Company," said Serge Shirikjian, CFO of Canfield Development. "Walker & Dunlop's team was an excellent partner in facilitating this disposition, and we look forward to working with them again as we continue to build our signature communities throughout Southern California."
Source: Walker & Dunlop