Marcus & Millichap Arranges Metro Los Angeles Sale
- Apr 23, 2020
Marcus & Millichap has brokered the sale of The Verona, a 16-unit community in Westlake Village, Calif. The property traded for $8.2 million, or $509,375 per unit, at a 4.34 percent capitalization rate. Executive Director Rick Raymundo of the firm’s National Multi Housing Group represented the seller, a private investor who had owned the asset for more than 15 years. Todd Leslie of JPMorgan Chase Bank arranged the acquisition financing.
Situated at 3200-3240 Foothill Drive, the pet-friendly community consists of four two-story buildings with one- to three-bedroom floorplans. Amenities include private yards, two-car attached garages and a hot whirlpool.
The Verona is roughly 3 miles from the city center, close to U.S. Route 101 and just north of Hampshire Business Park. The location is within walking distance of numerous restaurants and shops alongside Thousand Oaks Boulevard, with The Promenade at Westlake Village 2 miles southeast of the property.
Earlier this month, Marcus & Millichap Senior Managing Director Eduardo Cerna facilitated the disposition of a 121-unit community in Seaside, Calif. The property sold for $25.3 million.