Suburban LA Community Sells for $20M
- Nov 07, 2017
Marcus & Millichap arranged the sale of Villa Hermosa Apartments, a 95-unit apartment community in Norwalk, Calif., for $20 million or $211 per unit. The company represented the seller and procured the buyer in the deal, both private investment entities. One of the latest deals arranged by Marcus & Millichap include a 420-unit community located in Madison, Wis.
Villa Hermosa Apartments is situated at 14717 S. Pioneer Blvd., along Interstate 605 and close to Interstate 5 and State Route 91. Long Beach is less than seven miles away. Built in 1963, the two-story property comprises four buildings and sits on a 2.5-acre site, featuring one- and two-bedroom apartments averaging 777 square feet. Community amenities include:
- controlled access
- swimming pool
- laundry facilities
- 95 covered, grade-level parking spaces
- rental office
The buyer plans to upgrade the interior units and exterior communal areas to enhance value and increase revenue, according to Matthew Kipp, vice president investments at Marcus & Millichap.
“The sale is the largest non-institutional multifamily transaction in Norwalk this year,” said Tyler Leeson, senior managing director investments at Marcus & Millichap, in prepared remarks. “It is also the year’s largest private client sale to have taken place along the 605 corridor in Los Angeles County from Long Beach to Whittier.”
Image courtesy of Marcus & Millichap