Institutional Property Advisors Brokers Sale of 205-Unit The Flat Multifamily Asset in Downtown Los Angeles to Winstar Properties
LOS ANGELES — Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), has brokered the sale of The Flat, a 205-unit multifamily property located in the City West neighborhood of Downtown Los Angeles, the firm announced July 15, 2026. The buyer is Winstar Properties.
Deal Overview and Brokerage Team
Kevin Green, IPA executive managing director investments, along with Joseph Grabiec and Gregory Harris of Institutional Property Advisors, represented the seller and procured the buyer in the transaction. Financial terms were not disclosed.
"Constructed in 1968, The Flat's common areas have been extensively renovated over the past 10 years, giving the buyer both a turnkey opportunity and avenues to increase revenue such as extending the unit interior renovation program to the unrenovated apartments, and capitalizing on demand for furnished, short-term, corporate housing units," Green said in a statement.
Grabiec noted the relative scarcity of comparable trades in the submarket. "The property is one of only five 200-plus-unit multifamily assets sold in Downtown Los Angeles in the last 24 months," he said.
Property Profile: The Flat at City West
The Flat is located in Los Angeles's City West submarket, adjacent to the Financial District, Bunker Hill, and South Park. The building was originally constructed in 1968. The property comprises 205 units.
The asset carries a value-add investment profile. According to Institutional Property Advisors, common areas have undergone significant renovation over the past decade, including a modernized resident lounge, upgraded laundry rooms, new windows, a new controlled-access entry system, and a package receiving system. Renovated apartment interiors feature built-in kitchenettes with modern fixtures, new cabinetry, quartz countertops, and new refrigerators. Six of the renovated studio units are furnished, positioning them for corporate or short-term housing demand.
A portion of the units remain unrenovated, which Institutional Property Advisors identified as a revenue-growth avenue for Winstar Properties through continuation of the interior renovation program.
Location and Demand Drivers
The Flat's City West location places residents within a 10-minute walk of more than 50,000 jobs, according to Institutional Property Advisors. Nearby lifestyle amenities include the Walt Disney Concert Hall, the LA Live entertainment complex, and the FIGat7th and The Bloc shopping centers.
Higher-education institutions within a two-mile radius include the University of Southern California, the Fashion Institute of Design and Merchandising, and Loyola Law School. The property offers freeway access via Interstates 110 and 10 and U.S. Route 101, and the LA Metro's 7th Street/Metro Center light rail station is within walking distance.
Market Context: Scarcity of Large Downtown LA Trades
The transaction stands out in the context of Downtown Los Angeles's multifamily investment market. With only five 200-plus-unit multifamily assets having traded in the submarket over the prior 24 months, per Institutional Property Advisors, large-scale dispositions of this type remain relatively infrequent.
About Institutional Property Advisors
Institutional Property Advisors is a division of Marcus & Millichap, a commercial real estate services firm. IPA focuses on the acquisition, disposition, and financing of institutional properties and portfolios, combining investment and capital markets expertise with research capabilities.
Sources
Institutional Property Advisors — Official Announcement, July 15, 2026