A 280-unit luxurious multifamily neighborhood situated within the foothills of the Santa Susana Mountains in Chatsworth offered for $107 million.
Institutional Property Advisors, a subsidiary of Calabasas-based main business actual property brokerage agency Marcus & Millichap, closed the deal on the asset, which is named Summerset Village.
“Properly maintained by an institutional proprietor for over 25 years, Summerset Village is certainly one of solely 10 multifamily properties with 200 items or extra within the Northwest San Fernando Valley constructed since 1980,” Kevin Inexperienced, govt managing director of Institutional Property Advisors, or IPA, mentioned in a press release.
The sale value comes right down to roughly $381,000 per unit.
“The submarket has skilled 25% hire development over the past 24 months whereas sustaining occupancy over 96%,” Inexperienced mentioned.
Inexperienced and IPA’s Joseph Grabiec and Gregory Harris represented the vendor and procured the institutional purchaser within the sale.
“Chatsworth is drastically undersupplied with luxurious housing communities of fifty items or extra,” Grabiec mentioned. “Due to this shortage, massive value-add belongings like Summerset Village are inclined to thrive after renovation.”
The undisclosed institutional investor plans to do a considerable renovation on the property.
Accomplished in 1986, Summerset Village has 39 two-story residential buildings, two solar-heated swimming swimming pools, two sizzling tubs, a seashore volleyball courtroom and direct entry to climbing trails.
The village is close to a number of retail facilities within the valley, together with The Vineyards at Porter Ranch, Northridge Style Middle, Westfield Topanga and Warner Market.
Chatsworth is house to greater than 22 million sq. ft of workplace, industrial and flex house, and there’s a surplus of close by jobs, in keeping with Institutional Property Advisors.
The division has closed on a variety of transactions this yr, together with South Hills West Covina, an 85-unit property in West Covina; Alivia, a 128-unit property in Whittier; Terramonte at La Verne, a 48-unit property in La Verne; Terramonte at Foothill, a 138-unit property in Pomona; Haven Warner Middle, a 205-unit property in Warner Middle; Scoutt off Sundown, a 136-unit property in Hollywood; and 1185 Myra Ave., a 20-unit property in Silver Lake.