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| Ronald Harris |
SYLMAR, CA – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of Vista Ridge Apartment Homes,
an 81-unit apartment community in the Sylmar submarket of the San Fernando
Valley.
The $14,250,000 sales price equates to $175,926 per unit.
Ronald Harris, executive vice president investments, Rick
Raymundo, vice president investments, and senior associates Paul Darrow
and Michael DiSimone, all in Marcus & Millichap’s Los Angeles
office, represented the seller, Benedict Canyon Equities Inc. The buyer is a
private owner/operator.
“Vista Ridge’s location, size, amenity package and value-add
opportunities combine to form a commercial real estate investment that is
well-positioned to provide strong returns over the long term,” says Harris.
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| Rick Raymundo |
“Constructed in 1987, this non-rent-controlled asset has
been extensively remodeled and for the past three years, operations have
steadily moved in a positive direction,” adds Raymundo.
Situated in the northeast corner of the San Fernando Valley
at 13500 Foothill Blvd. in Sylmar, the property is located adjacent to
California state routes 118 and 210 and interstates 5 and 405, providing
residents with easy access to employment hubs in Santa Clarita/Newhall, the
northern areas of the San Fernando Valley and Burbank/Glendale.
Gridley Elementary School and other public and private
schools are nearby. Los Angeles Mission College is approximately one mile away.
Vista
Ridge is an eight-building apartment community in a low-density setting in an
area composed predominantly of single-family homes.
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| Paul Darrow |
The property features recently replaced roofs, new exterior
lighting and signage, a modern exterior paint scheme, four on-site laundry
rooms, and newly landscaped barbecue areas with built-in gas grills and
seating.
Approximately 70 percent of the units have been renovated to
include new wood-grain vinyl and tile flooring, porcelain-tile kitchen countertops
with decorative tile backsplashes, a multicolor paint scheme, modern lighting
and new shower fixtures.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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