Berkadia Completes Over $119 Million in Combined Sales for Three Multifamily Properties in California
LOS ANGELES – July 7, 2022 – Berkadia announced today the combined sales of three multifamily housing properties located in California. Managing Director Adrienne Barr of Berkadia Los Angeles Investment Sales teamed up with Mitchell Shapiro to complete the $119.05 million in combined sales on behalf of the seller, California-based Venture Property Management.
“We received over 15 offers for each of the properties individually,” said Barr. “Buyers were attracted to the tremendous rental upside, the amenitized properties and the desirable locations.”
The three properties include:
Mountainview Venture Apartments is located at 1375 W San Bernardino Road in Covina, California. The 139-unit apartment community sold for $38.5 million, which equates to $276,978 per unit, $369 per square foot and a 3.15 percent cap rate on the in-place rent roll. The highly amenitized property is comprised of 6 buildings on 2.88 acres of land and features a swimming pool and spa, a fitness center, a second-floor recreation/game room overlooking the pool and a leasing office. The community offers a unit mix of studios, one- and two-bedroom floor plans with private balconies or patios. Residents are afforded convenient access to Kaiser Permanente Baldwin Park Medical Center and the shops and restaurants near North Azusa Avenue. The buyer was California-based Positive Investments, Inc., and the deal closed on June 17.
Westbourne Venture Apartments is located at 727 Westbourne Drive in West Hollywood, California. The 47-unit property received multiple offers and sold for $20,050,000, which equates to over $426,000 per unit and a three percent cap rate on the in-place rent roll. The property’s West Hollywood location is within walking distance to
Melrose Avenue and features a rooftop swimming pool and spa with unobstructed views of the Hollywood Hills, Pacific Design Center and Los Angeles Skyline. The community features studio floor plans with walk-in closets, granite countertops and private balconies or patios. The buyer was a California-based investment company, and the deal closed on May 17.
Woodglen Venture Apartments is located at 25910 Tournament Road in Santa Clarita, California, across the street from the California Institute of the Arts. Built in 1984, the 160-unit property sold for $60,500,000, which equates to $378,125 per unit, $435 per square foot and a 3.26 percent cap rate on the in-place rent roll. Spanning 8.79 acres, the highly amenitized community features a park-like atmosphere with a swimming pool and spa, an outdoor community recreation area with a ping-pong table, a large fitness center and a leasing office. The property offers one- and two-bedroom floor plans with walk-in closets and private patios or balconies. Residents are afforded convenient access to Vista Valencia Golf Course, California Institute of the Arts, Henry Mayo Newhall Hospital and the shops and restaurants near Interstate 5. The buyer was California-based Raintree Partners, and the deal closed on June 10.