Clarion Partners sold Playa Vista's The Reveal apartment complex for $122 million, which means that after accounting for the city's 5.5 percent tax on the sale under Measure ULA, the final amount received was about $114.7 million.
San Francisco-based DivcoWest was the buyer of the 214-unit property located at 5710 East Crescent Park, paying an average of approximately $570,000 per unit, compared to Clarion's purchase price of $549,000 per unit in 2018.
Monthly rents at The Reveal Playa Vista vary from $3,500 for a one-bedroom to $5,000 for a two-bedroom, while the median rent for a one-bedroom unit in the broader market from Westchester to Playa del Rey stood at $2,830 last month, down by 8 percent in the past year.
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