LA Apartments Buys San Fernando Valley Community
- Aug 13, 2019
LA Apartments has acquired Branford Villas, a 100-unit garden-style property in Pacoima, Calif., for $23.5 million, according to Yardi Matrix. The sale was subject to a $15.3 million acquisition loan provided by First Foundation Bank.
The Mogharebi Group represented both the seller, a private investor, and the buyer in the transaction. The property last traded in July 2015 for $17.8 million, also per Yardi Matrix information.
Located at 12711 Branford St. in the San Fernando Valley, the eight-building community was constructed in 1987 on 4 acres and comprises a mix of one- and two-bedroom units averaging 815 square feet. Property amenities include an outdoor pool with a spa, three laundry centers, two tot lots and controlled access.
Branford Villas is just off Interstate 5, around 20 miles from downtown Los Angeles. The area offers many shopping and dining options, with the Pacoima Shopping Center situated within a 15-minute walk of the property.
The Mogharebi Group’s brokerage team included Principals Alex Mogharebi and Otto Ozen. In June, the duo facilitated the sale of a seven-property portfolio in Glendale, Calif.