Chatsworth Multifamily Deal Highlights Appeal of Core LA Submarkets
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of 9733 Topanga Canyon, a 119-unit multifamily property in the Chatsworth neighborhood of Los Angeles. The property sold for $44 million, which represents $369,748 per unit.
“9733 Topanga Canyon was acquired to satisfy a 1031 exchange,” said Kevin Green, IPA executive managing director. “The buyer sought a high-quality, stabilized asset in a market with strong fundamentals and long-term growth potential.”
Green, Joseph Grabiec and Gregory Harris of IPA represented the seller, a private multifamily investment firm, and procured the buyer, Amoroso Companies. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged $27.4 million in agency financing.
“The financing structure we arranged allowed the buyer to lock in long-term fixed-rate debt and execute a smooth 1031 exchange within a tight timeline,” said Chalfant. “Lenders continue to show strong appetite for high-quality multifamily assets in core Los Angeles submarkets.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout