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Walker & Dunlop Completes $55 Million Sale for Trophy Multifamily Community in Los Angeles, CA
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$55,000,000 sale of
The Estelle on behalf of Canfield Development, Inc. to an affiliate of The Green Cities Company.
The property, a 61-unit luxury multifamily community in West Los Angeles, was built in 2020 as for-sale condominiums and was converted to for-rent apartments amid the pandemic. The property boasts exceptionally large floor plans averaging 1,474 square feet and was 30% leased at the time of the sale.
The Estelle
In addition to its spacious units, The Estelle offers residents a resort-style living experience with a state-of-the-art fitness center, Mediterranean pool, and ample green space, including three landscaped rooftops. Situated within a mostly residential neighborhood, The Estelle features stunning views of Los Angeles while also offering convenient access to the city s employment nodes, dining, culture, nature, and retail.
Demolition of the former U.S. Army Reserve Center is nearly complete with construction of the new Fayette County Prison slated to begin this month.
âWeâve been doing a lot of work behind the scenes, from acquiring the property, to working with the architects and engineers to come up with a viable plan that meets the needs of inmates and staff, all while staying within our budget for the project,â said Commissioner Dave Lohr. âDemolition is the first phase that will really be a visible sign to the public of the project moving forward, and itâs an exciting step to finally see something tangible happening at the site.â