An apartment complex along 38th Avenue in West Highland has sold.
MCP 38th West Highland LLC purchased the Alexan West Highland apartment complex at 3550 W. 38th Ave. last week for $114.75 million, according to public records.
The deal did not include the building’s ground-floor retail space.
The purchasing entity lists a San Francisco address that is ℅ Metlife Investment Management.
The five-story project, which has been renamed Emery West Highland, has 322 units, making the deal worth $356,366 a unit. Units range from 542-square-foot studios to 1,305-square-foot two-bedroom units.
The complex was sold by Dallas-based Trammell Crow Residential, which developed the project. It purchased the land in 2015 for approximately $11.3 million, records show.
The building’s retail space, home to tenants that include Rush Cycle and Commerce Bank, continues to be owned by Gene Lucero’s Sonrisa Holding LLC, which purchased the space from Trammell Crow after the project was built. Lucero previously sold much of the land for the complex to Trammell Crow.
Trammell Crow is currently building another five-story complex immediately next to the one that just sold. It will be dubbed Alexan Julian, according to the company’s website.