Search
 

Miracle Mile Value-Add Fetches $24M

LOS ANGELES—An affiliate of Hillstreet Realty sells its 71-unit Miracle Mile apartment complex to a private investor after investing nearly $2 million in renovations.

By Kelsi Maree Borland | Updated on March 09, 2015

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.  

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.