Walker & Dunlop, Inc. announced today that it completed the $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.
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.
The sale was handled by Walker & Dunlop's Blake Rogers, Hunter Combs, Alexandra Caniglia, and Javier Rivera. Mr. Rogers commented, “Class A transactions in Los Angeles have been rare since the onset of the pandemic, with The Estelle representing just the fourth closing of an institutional quality asset in the city since April 2020. While we anticipate Class A sale velocity to accelerate as a result of the rapidly-improving multifamily fundamentals, this sale and solid leasing performance during this environment speaks to the fact that Canfield Development created an unparalleled asset with unique, wellness- and environmentally-minded features that cater perfectly to Los Angeles renters. This property will undoubtedly see durable and resilient growth for years to come.”
“We are very proud of The Estelle and how the building came out. It’s one of the most beautiful buildings we’ve developed, with a thoughtful, luxurious design, exceptional amenities, and sweeping views of the city. We’re confident that the high-quality, infill asset will prove to be a highly valuable investment for The Green Cities Company,” said Serge Shirikjian, CFO of Canfield Development. “Walker & Dunlop’s team was an excellent partner in facilitating this disposition, and we look forward to working with them again as we continue to build our signature communities throughout Southern California.”
Walker & Dunlop is a leader in multifamily property sales, having completed $6.1 billion in property sales volume in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $30.8 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop's view on the apartment market, read our recently-released Spring 2021 Multifamily Outlook Report.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 1,000+ professionals in 38 offices across the nation have an unyielding commitment to client satisfaction.
About The Green Cities Company
The Green Cities Company has driven innovation in real estate investment management for over a decade through the confluence of environmental, social and investment value. With this forward-thinking strategy and fully integrated in-house expertise, the firm acquires, manages and develops office, mixed-use and multi-family assets. Deep experience in select U.S. markets, combined with meaningful attention to ESG considerations, positions The Green Cities Company for enhanced tenant retention and superior operations. This differentiated approach, along with disciplined risk management, encompasses the environmental footprint of an asset, the diversity and inclusivity of its community and the wellbeing and fulfillment of its occupants and neighbors. Each member of the team is dedicated to a resilient investment portfolio that yields results to the firm’s investors, employees, tenants and communities.
About Canfield Development
Canfield Development Inc. is a vertically integrated Los Angeles based residential and mixed-use real estate development and investment company focused on high quality, infill apartments in Greater Los Angeles. Established in 1990, Canfield’s achievements are built upon expertise in development, construction, and property management. Canfield Development is a “one-stop shop” for development projects, handling everything from acquisition to construction to asset and property management. With over $1.4 billion in development experience, Canfield is one of the most trusted names in Southern California real estate development.