Located at 8360 West Manchester Ave, the site is currently occupied by an Acapulco restaurant. The structure will be razed to make way for 94 rental apartment units.
Archstone Communities LP was represented by Randy Kirshner of Renaissance Realty in Brentwood. The seller, a private partnership known as 27th/Pico Boulevard II LP, was represented by Michel D. Hibbert of Charles Dunn Co.'s West Los Angeles office.
LA's multifamily market is one of the strongest in the nation. Prices and rents have steadily risen as demand continues to outstrip supply. Few new projects are in the pipeline, which leads many brokers and investors to believe that the apartment sector will stay strong for at least another year or two.
According to a recent report by the LA office of New York-based Cushman & Wakefield, occupancy levels have risen to a staggering 98.1% from 97.4% a year ago. Rents have jumped 12.5%, the brokerage firm says.
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