Berkadia Closes $30M Los Angeles-Area Sale
The 78-unit community known as Villa Grande Townhomes had a 92.3 percent occupancy rate as of September.
Berkadia has brokered the $30 million sale of Villa Grande Townhomes, a 78-unit community in Reseda, Calif. Palm Villa Townhome Complex LLC acquired the asset. According to Yardi Matrix data, the seller was Benedict Canyon Equities, who purchased the asset in 2015 for $21.4 million from Carmel Partners.
Located at 18641 Saticoy St., the Class B community is roughly 23 miles northwest of downtown Los Angeles. Warner Center, one of the largest employment hubs in the Reseda area, is approximately 5 miles southwest. Villa Grande is close to Ventura Freeway and Interstate 405. Various shops and restaurants placed along Reseda Boulevard are within walking distance of the 2-acre property.
Villa Grande consists of seven two-story buildings completed in 1987. The two- and three-bedroom townhomes average 1,057 square feet in size. Amenities include a swimming pool and 200 parking spaces. The property has undergone interior and exterior improvements since 2015 and was 92.3 percent occupied as of September, per Yardi Matrix.
Berkadia Managing Director Vince Norris and Associate Director Eric Norris represented both parties in the deal. In August, Benedict Canyon Equities sold another Los Angeles asset. Positive Investments purchased the 162-unit age-restricted community for more than $33 million.