Sussex Capital Sells Suburban Los Angeles Community

HomeStreet Bank provided the buyer with a $7.2 million, long-term acquisition loan.
8608 Foothill Blvd. Image courtesy of Matthews Real Estate Investment Services

Sussex Capital Group has sold Parkview East Apartments, a 38-unit community in Sunland, Calif., for $11.7 million. A private investor acquired the property, according to public records. The new owner financed the acquisition with a 15-year, $7.2 million acquisition loan provided by HomeStreet Bank. 

Located on a 1-acre parcel at 8608 Foothill Blvd., the two-story building opened in 1983. Sussex Capital has recently executed landscape and cosmetic improvements. The community features studios and one- to three-bedroom floorplans and amenities such as a spa and pool. Situated close to Interstate 210, Parkview East Apartments is 21 miles north of downtown Los Angeles. Several dining and shopping options are available along Foothill Boulevard.

Matthews Real Estate Investment Services and Marcus & Millichap assisted the seller. The brokerage team included Marcus & Millichap Senior Managing Director Matthew Ziegler and Executive Managing Director Jeffrey Louks as well as Matthews Senior Vice President Daniel Withers. In March, Matthews Real Estate arranged the sale of Pebble Creek Apartments, a 44-unit property in Panorama City, Calif.