Alfred Pace Of Pacific Urban Investors Acquires 398-Unit Mixed-Use Property In Los Angeles For $139M

The property involved in the transaction is a mixed-use asset located at 620 South Virgil Avenue in Los Angeles, CA. The property was sold for $139,000,000, with a total of 398 units, resulting in a per unit price of approximately $349,246. The sale is noted as one of the largest multifamily transactions in Los Angeles County for the year.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $139,000,000
• Buyer: Alfred Pace - Pacific Urban Investors
• Seller: Mark J. Parrell - Equity Residential
• Units: 398
• Price per Unit: $349,246
• Market: Los Angeles, CA
• NOTE: The acquisition represents a discount from the purchase price of $189 million paid by Equity Residential in 2019.

Alfred Pace represented Pacific Urban Investors in the acquisition, while Mark J. Parrell represented Equity Residential in the sale. This transaction underscores significant activity within the Los Angeles multifamily market.