CBRE Arranges $46.5 Million Sale of 84-Unit Luxury Multifamily Community in Larchmont Village

CBRE brokered the sale of LC by CLG, an 84-unit multifamily community located in the Larchmont Village neighborhood of Los Angeles, Calif., for $46.5 million.

CBRE’s Dean Zander and Stewart Weston represented the seller, California Landmark Group, a local real estate developer known for its by CLG luxury branded residential properties. The property was acquired by a private partnership formed by Harrison Yale Hurst and Richard Rosin of H&R Investments located in Santa Barbara, Calif.

Adjacent to the historic Paramount Studios, LC by CLG is a boutique community with a modern-contemporary design and amenity package that includes a rooftop deck with a pool, barbecues, firepits, seating areas, and views of the Hollywood hills. The residences offer a condo-quality feel with floor plans that are significantly larger than the neighboring multifamily communities, and have large windows, in-unit washers and dryers, central air-conditioning, stainless-steel appliances, and exposed ceilings.

“LC by CLG is a true trophy asset and poised to be a market leader in the submarket for years to come,” said Dean Zander, an Executive Vice President at CBRE. “The investor plans to perform some cosmetic upgrades to the original interiors and common areas to ensure the property remains among the area’s leading residential communities.”

Considered one of Los Angeles’ most desired neighborhoods, Larchmont Village saw a recent surge of newcomers to the area spurred by the addition of large, high-end retailers including Diptique and Blue Mercury. The half-square-mile, pedestrian-friendly neighborhood also features an array of smaller, independent boutiques and a local farmers’ market, as well as Chevalier’s Books, the oldest independent bookstore in Los Angeles.

“The growth in the area has led to extraordinarily tight rental markets with occupancies averaging over 97% and average market rents increasing more than 4% annually on average over the last 10 years,” added Stewart Weston, an Executive Vice President with CBRE.

Despite being situated in the heart of central Los Angeles, Larchmont Village still offers a suburban feel with bungalows, duplexes, and other small multifamily buildings that allow for open yards and a lower population density.