Marcus & Millichap Facilitates CA Townhomes Sale
- Apr 30, 2018
After arranging the $1.3 million sale of Fifth Avenue Courtyard in St. Petersburg, Fla., Marcus & Millichap has facilitated the sale of Granada Pointe Townhomes in Los Angeles’ Granada Hills neighborhood. The community sold for $21.5 million, or $413,462 per unit. Marcus & Millichap Capital Corp. arranged a 10-year, $10.8 million acquisition loan at 4.3 percent, on behalf of the buyer.
Located at 11541 Blucher Ave., the property comprises 52 two-bedroom townhomes ranging from 1,354 to 1,601 square feet, across six buildings. According to Yardi Matrix, the 2011-built Granada Pointe had a 94.2 percent occupancy rate as of March 2018. Interior features include washer/dryers, vaulted ceilings, microwave ovens and private balcony/patios. Residents have access to shared amenities including:
- fitness center
- swimming pool
- 52 parking spaces
- enclosed garages
“Multifamily investors are drawn to the San Fernando Valley, which offers buyers higher yields and lower pricing than some of the neighboring areas,” Catherine Obrien, senior associate in Marcus & Millichap’s Encino office, told Multi-Housing News. “Investors with an eye for the highest-quality assets target the southern portion of the Valley. Competition for multifamily properties in the San Fernando Valley is likely to rise this year prior to the influx of more than 2,000 apartments in 2019.” O’Brien represented the seller and also procured the buyer.
Image courtesy of Marcus & Millichap