LOS ANGELES—A private investor has purchased a 71-unit multifamily property in the Miracle Mile submarket for $23.5 million from an affiliate of Hillstreet Realty. The seller spent nearly $2 million upgrading the property, including a third of the interior units, since purchasing it two years ago for $14.6 million.  

“The seller did an extensive renovation program to all of the pipes, roof and commons areas, so it is virtually a turnkey new building in terms of the systems,” Richard Ringer, first VP at Marcus & Millichap, tells GlobeSt.com. “During their renovations, they were fortunate enough to get out some tenants and renovate a third of the interior units. In their model, it was a good opportunity to sell, not only because of market conditions but because they were able to demonstrate very strong rents, and having turned a third of the building, it seemed like an appropriate time to sell.” Ringer represented the seller in the transaction, while his Marcus & Millichap colleague Jeff Benson, VP, represented the buyer.  

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