LOS ANGELES – July 20, 2017 – Berkadia announced the sale of a newly constructed, 126-unit, mid-rise community located in Lake Balboa, California. Managing Director Vince Norris, along with Managing Director Jim Fisher and Senior Director Mike Smith from Berkadia’s Los Angeles office completed the sale on an “off-market” basis. The transaction was completed on behalf of a private developer for Anaheim-based, Kort & Scott Financial Group. Escrow closed on July 12.
Kort & Scott Financial Group has completed three recent purchases through Norris at Berkadia. In addition to this acquisition, the group also purchased 6940 Sepulveda Blvd. and the Plaza at Lafayette. For Kort & Scott, this marks nearly $250,000,000 of transactions this year and increases their multifamily portfolio to over 9,000 units.
“With this acquisition, Kort & Scott has over 220 units in the Van Nuys sub-market and will be able to achieve tremendous operating efficiencies and take advantage of the Valley’s steady rent growth,” said Norris.
The community offers convenient access to both the 405 and 101 freeways, as well as the nearby Sepulveda Basin Recreational Area. The 126-unit property received its TCO in July 2016 and features one-, two- and three-bedroom floor plans with walk-in closets, stainless steel appliances, vinyl plank wood flooring, quartz counters, LED lighting and a balcony or patio with a storage closet. Residents can also enjoy several community amenities, including a fitness center, a pool, a barbecue and picnic area, laundry facilities and a courtyard.