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
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