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Investors Strike in Miracle Mile Market

LOS ANGELES—A 32-unit apartment complex with no parking and mostly studio units receives 10 unsolicited offers from investors looking to pick up a multifamily property in a market where similar assets rarely trade hands.

By Kelsi Maree Borland | Updated on April 23, 2015

LOS ANGELES—An unnamed investor has purchased Linda May Manor, a 32-unit apartment complex in the Miracle Mile neighborhood of Los Angeles from a 17-member family. The apartment complex has no parking and is made up of 75% studio apartments, but still drew 10 unsolicited offers in an off-market transaction, illustrating the tight Miracle Mile market.

“Miracle Mile is so dynamic because a lot of the buildings are pre-war and the architecture is a lot more attractive, especially than later vintage buildings,” Rich Johns, leading apartment advisor with KW Commercial, tells GlobeSt.com. “The resident demographic is strong. There aren’t a lot of buildings that trade hands, and investors will do anything that they can in this market. Miracle Mile is very tight. Once investors own there, they don’t ever trade.” Rich represented both the seller and the buyer in the transaction.

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