Marcus & Millichap Closes LA-Area Sale
- Nov 29, 2016
Los Angeles—Marcus & Millichap recently announced the sale of a 48-unit apartment property in the Los Angeles area for $12.5 million. The firm’s West Los Angeles office arranged $7.5 million in acquisition financing with a 15-year term, 3.4 percent fixed interest rate and 65 percent loan-to-value.
The property was built in 1960 and is located at 18553 and 18563 Clark St. in Tarzana, between the Ventura Freeway and Ventura Boulevard. Both buildings are situated within walking distance from Village Walk at Tarzana, a Whole Foods and a Gelson’s. The Providence Tarzana Medical Center is less than a mile away and the Balboa Golf Course and the Balboa Lake are within a 10-minute drive. Amenities include controlled access, gated parking, swimming pools and on-site laundry facilities. Apartments feature spacious floorplans, ample closet space and central or wall unit air conditioning and heating.
“The property is a nice-sized asset within walking distance of Ventura Boulevard that provides new ownership with significant revenue upside potential,” said Jeff Louks, executive vice president of investments in Marcus & Millichap’s Encino office, in prepared remarks.
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