The Green Cities Company Announces the Acquisition of Apartment Building–The Estelle
The Green Cities Company is pleased to announce their recent acquisition—The Estelle in Los Angeles, CA. The property marks the fifth acquisition for Green Cities IV Value-Add Fund.
The 61-unit apartment property was recently completed and built to condominium level finishes by the original owner, offering tenants high-end finishes, spacious floor plans and an expansive amenity offering at a boutique scale. Over the course of the pandemic, the previous owner elected to switch the property from for-sale to for-rent units and elected to sell mid-way through the property’s lease up. Green Cities believes this positions The Estelle as a unique offering with the ability to re-position the asset in the marketplace and complete its leasing trajectory.
The acquisition reflects The Green Cities Company’s continued focused strategy of investing in high quality assets with value growth opportunities created by leveraging the firm’s expertise in operations, capital improvements, and the implementation of ESG strategies.
About The Estelle
The Estelle is a 61-unit luxury apartment building located in the Mid-Wilshire submarket of Los Angeles, CA. Completed in February 2021, the property is built to condo specifications with high-end finishes, spacious floor plans and an expansive amenity offering at a boutique scale. The property consists of 61 units (42 two-bedroom and 19 three-bedroom units) ranging from 1,380 to 1,890 square feet. The property offers a wide-range, luxury level amenity package with a high-end fitness center, entertainment lounge, pool/spa, pet spa, business center and multiple outdoor lounge areas.
The Estelle has earned a Walk Score of 89 (“Very Walkable”), which bodes well for the tenants who wish to shop any of the 140+ retailers located within walking distance of the property. The property’s location places it at the epicenter of the second strongest economy in the United States, with easy access to the most sough-after cultural and job markets within the Los Angeles market (Santa Monica, Century City, Hollywood, West Hollywood, and Downtown Los Angeles are all within a 20-minute drive).
The Green Cities Company acquired the property on May 11, 2021. The property was acquired by Green Cities Fund IV, the firm’s fourth value-add fund and the fund’s fifth acquisition.