The parcels, at 1536 and 1540 Sixth St., total 14,994 sf. One partnership is known as JSM Livorno LLC and the other is JSM Verona LLC.
The partners plan to tear down the existing 20-unit building that stands on the property. In its place, the partnership will develop two 48-unit apartment complexes, for a combined 96 units with 3,000 sf of retail.
"This transaction reflects the market that people are looking for in infill spots to build Class A type property," says Sperry Van Ness's Kitty Wallace, who brokered the deal. "There is no land in the city, so people are paying high prices per unit," she adds.
Wallace represented both the buyer and the seller, Fiksdal Family Trust, in the transaction.
LA-based Hanover Financial is a wholly subsidiary of Marcus & Millichap Co. and exclusively a source of joint venture real estate equity capital. Under the leadership of managing partners Michael H. Lowinger and Mark Macedo, it has acquired about $350 million in real estate assets and simultaneously sold about $100 million of property over the past two years.
Hanover and JSM currently have another 200 units together under development in Santa Monica. Hanover's other Westside multifamily investments include the Club de la Playa Apartments in Playa del Rey.
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