Thursday, May 31, 2012

$12.6 Million San Fernando Valley Apartment Building Sold in California by Marcus & Millichap


 STUDIO CITY, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of The Verona (top left photo), a 35-unit, three-story apartment building in Los Angeles’s affluent Studio City neighborhood.

 The sales price of $12.6 million equates to $360,000 per unit and $292 per square foot.
Clyde Isaacson (middle right photo), a vice president investments, and Lonnie McDermott (middle left photo), an associate, both in Marcus & Millichap’s Encino office, represented the seller, a local developer, and the buyer, a private investor.

 “The Verona is an institutional-quality apartment complex featuring a variety of floor plans and a wealth of property amenities,” says Isaacson. “The new owner has obtained a substantial long-term interest in one of Los Angeles’ premier submarkets.”

The 43,214-square foot building is located at 11115 Aqua Vista St., two blocks north of Ventura Boulevard, San Fernando Valley’s major thoroughfare. The property is close to upscale shopping on Ventura Boulevard, fine dining, entertainment venues and Universal City.

Built in 2004, The Verona features penthouse units, spacious balconies, a well-manicured courtyard with water fountain, an on-site fitness center, subterranean parking, a rooftop patio and washers and dryers in all units.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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