Luxury apartment complex sold in Los Angeles

Marcus & Millichap negotiated the sale of The Embassy Luxury Apartments in Los Angeles. The value of the transaction was $14.1 million. Interstate Equities Corp. sold the property to a Los Angeles-based private investor. Constructed in 1991, The Embassy Luxury Apartments is located at 1223 Federal Ave. The 59-unit apartment community is comprised of 38 one-bedroom/one-bath units and 21 two-bedroom/two-bath units in a four-story building over two levels of subterranean parking. The apartments range in size from 514 square feet to 1,048 square feet. Situated on 45 acres, the property has recently undergone significant upgrading, including interior tile flooring and/or Pergo floors in kitchens, interior tile countertops and Berber carpet. Common area amenities include a pool, two elevators, four laundry rooms and secured access. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@...