Cityview acquired a multifamily property known as Candela, consisting of 112 units located at 1950 Tamarind Avenue in the Hollywood Hills market of Los Angeles. The asset was purchased for $35.49 million, resulting in a price per unit of $316,875. The property is situated near key employers and transit hubs, potentially benefiting from its advantageous location and high occupancy rate.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $35,490,000
• Units: 112
• Price Per Unit: $316,875
• Buyer: Sean Burton & Devang Shah - Cityview
• Seller: Jason Check & Aaron Hancock - Raintree Partners
• Brokerage: Gregory Harris, Joseph Grabiec & Kevin Green - Institutional Property Advisors - Marcus & Millichap
• Date of Sale: 12/18/2024

The acquisition was made as part of Cityview's value-add strategy, aiming to upgrade unrenovated units and enhance amenities within the property. The transaction highlights the active involvement of Institutional Property Advisors from Marcus & Millichap in facilitating the deal.