NORTHRIDGE, Calif. -- (Business Wire)
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property
Advisors (IPA) division has closed the sale of Woodley Plaza Apartments,
an 85-unit multifamily community in Northridge, California. The $21.25
million sales price equates to $250,000 per unit.
“Built in 1971, Woodley Plaza provides new ownership with a proven
value-add opportunity with an established premium,” said IPA executive
director Greg Harris. “Six apartments received deluxe renovations in
2016 and are achieving a significant premium over in-place rents. The
opportunity remains to bring the 47 non-renovated interiors and 32
partially renovated units up to high-end luxury specifications.”
Harris, and IPA senior directors Kevin Green and Joseph Grabiec
represented the seller, Prime Residential and procured the buyer, 4D
Development & Investment.
The property is located approximately five miles from the Northridge
Metrolink Station, which brings commuters to downtown Los Angeles in
less than 40 minutes. Five nearby freeways give residents access to San
Fernando Valley employment hubs and job centers in Santa Clarita Valley,
Conejo Valley and Simi Valley.
“The San Fernando Valley is poised for economic growth, thanks to a
diversified employment base that includes the healthcare, entertainment,
business services, aerospace, foreign trade and advanced manufacturing
industries,” noted Green. “Average household income in the Valley has
grown by 32 percent since 2000 and is projected to grow an additional 15
percent by 2019.”
Woodley Plaza Apartments consists of six two-story buildings situated on
2.68 acres. Community amenities include a fitness center, landscaped
courtyards, a swimming pool, two 24-hour laundry facilities, and
individual garage parking. The one-bedroom and two-bedroom apartment
homes have fully equipped kitchens and central air conditioning.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located
throughout the United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed over
8,700 transactions in 2015 with a value of approximately $37.8 billion.
The company has perfected a powerful system for marketing properties
that combines investment specialization, local market expertise, the
industry’s most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To learn
more, please visit: www.MarcusMillichap.com
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout
the United States, Institutional Property Advisors (IPA) is qualified to
meet the needs of institutional and major private investors. IPA’s
combination of real estate investment and capital markets expertise,
industry-leading technology, superior support services and acclaimed
research offer customized solutions for the acquisition and disposition
of institutional properties and portfolios. www.IPAusa.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20161026007011/en/
Contacts:
Marcus & Millichap
Gina Relva, 925-953-1716
Public
Relations Manager
Source: Marcus & Millichap
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