Berkadia Completes $70.45 Million in Combined Sales of Three Multifamily Properties in California
LOS ANGELES – August 4, 2022 – Berkadia announced today the combined sales of three multifamily properties located in California. Managing Director Adrienne Barr of Berkadia Los Angeles teamed up with Mitchell Shapiro to complete the $70.45 million in combined sales on behalf of the seller, California-based Venture Property Management.
“We received multiple offers for each of the properties,” said Barr. “Buyers were attracted to the strong valley locations and rental upside potential.”
The three properties include:
Brooks Venture Apartments is located at 17200 Burbank Blvd. in Encino, California. The 154-unit apartment community sold for $51.25 million, which equates to $332,792 per unit, $436 per square foot and a 3.1 percent cap rate on the in-place rent roll. The property sits on over 2.6 acres of serene park-like grounds with babbling brooks throughout. The unit mix features studio, one- and two-bedroom floor plans with bright and spacious units, separate dining areas and fireplaces in all units (except studios). The highly amenitized community includes a large swimming pool and spa, a fitness center, a large recreation room with a ping-pong table and a pool table, a sauna, a barbeque area, six laundry facilities and a large leasing office with potential for expansion. Residents are afforded convenient access to Balboa Golf Course, Kaiser Permanente Woodland Hills Medical Center and the shops and restaurants near Ventura Freeway.
The buyer was California-based Jones & Jones Communities, and the deal closed on July 26.
Fruitland Villa Apartments is located at 10831 Fruitland Drive in Studio City, California. The 36-unit property received multiple offers and ultimately sold for $12.1 million, which equates to $336,111 per unit, $443 per square foot and a 3.1 percent cap rate on the in-place rent roll. The property’s prime Studio City location is steps away from the shops and restaurants of Ventura Boulevard and is within walking distance to Universal City. The community features a courtyard pool with a lounge and barbeque area, a large entry lobby with an elevator, lush trees and landscaping and 48 parking spaces. The building has a unit mix of studio, one- and two- bedroom units, with townhouse units on the 2nd and 3rd floors. Residents can walk to the Universal/Studio City Metro Red Line station, and have exceptional freeway access to Warner Bros. Studios, CBS Studios and the Hollywood Burbank Airport.
The buyer was a private investor based in California and the deal closed on June 15.
Weddington Oaks Apartments is located at 5259 Sepulveda Blvd. in Sherman Oaks, California. Situated in an excellent Sherman Oaks location, the property is just off Sepulveda Boulevard and is minutes away from Sherman Oaks Galleria and Ventura Boulevard. The 26-unit property sold for $7.1 million, equating to $273,076 per unit, $410 per square foot and a 3.2 percent cap rate on in-place rent roll. The courtyard building features a swimming pool, a covered community seating area, a fitness room, on-site laundry and an elevator. The unit mix is comprised of studio, one- and two- bedroom floor plans and amenities include separate dining areas, wood-style flooring in living areas, built-in drawers and vanities in bedrooms and central air conditioning and heat. Residents are afforded convenient access to Sherman Oaks Castle Park, the Sherman Oaks Galleria, Sepulveda Basin Recreation Area and the shops and restaurants on Ventura Boulevard.
The buyer was a private investor based in California and the deal closed on June 28.