$14.5 Million Buys Los Angeles Apartment Complex

  

 Villa La Paloma Apartments,

 7722 Reseda Blvd., Reseda, CA

RESEDA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Villa La Paloma, a 138-unit apartment complex in Reseda, a community in the San Fernando Valley region of Los Angeles. The $14,500,000 sales price equates to $105,072 per unit.

Jeff Louks

            Jeff Louks, a senior vice president investments in the Encino office of Marcus & Millichap, represented the seller, 1439 Curson Partners LP. The buyer is La Paloma LLC.

            “The new owner took advantage of an exceptional investment opportunity,” says Louks. “Villa La Paloma’s location borders Northridge and is only two miles from a well-known university.

“Although the property is subject to rent control, the high rate of turnover from students helps keep rents as close to market as possible and modest upgrades and strategic marketing can further increase the income stream,” adds Louks.

Located at 7722 Reseda Blvd., the 92,122-square foot property is situated in a park-like setting on 2.48 acres.

Villa La Paloma was built in 1978 and is composed of 114 junior one-bedroom/one-bath units, 21 one-bedroom/one-bath units, and three two-bedroom/two-bath units. Amenities include spacious floor plans, vaulted ceilings in 61 units, a swimming pool and Jacuzzi, large landscaped courtyard with barbecues, plentiful gated parking, a recreation room and secure intercom entry.

 For a complete copy of the company’s news release, please contact:

Ben Johnson,

Marketing Director

(925) 953-1736