Van Nuys Apartments Trade for First Time Since Delivery
Marcus & Millichap closed the sale of 7203 Rubio Ave., a 30-unit multifamily property in the Lake Balboa neighborhood of Van Nuys. The property sold for $9.5 million or $316,667 per unit. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured $6,223,000 in acquisition financing.
“Bringing this property to market for the first time since its construction in 2013 generated significant investor interest,” said Neema Ahadian, senior managing director investments. “After a disciplined marketing process that included eight property tours and five competitive offers, we identified a qualified buyer who performed without requesting price reductions or credits in escrow. The transaction reflects continued demand for well-located, newer-vintage multifamily properties that are not subject to the Los Angeles Rent Stabilization Ordinance.”
Ahadian and Leonardo Laterza, investment specialists in Marcus & Millichap’s Los Angeles office, marketed the property on behalf of the seller, a local developer, and procured the buyer, a local private investor.
Danny Abergel, executive managing director, capital markets, also based in the firm’s Los Angeles office, secured a five-year loan at 67% loan-to-value with a national bank on behalf of the buyer. Additional terms include a competitive interest rate and a 30-year amortization period.
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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