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8/09/19
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Branford Villas, a 100-unit multifamily community in Pacoima was acquired for $23.5 mil ($235k/unit) by a local, LA-based investor. The property is located at 12711 Branford St, a few blocks east of I-5.
Built in 1987, Branford Villas is a two story, 100-unit garden-style apartment community that is located along the north side of Branford St in the northeastern San Fernando Valley community of Pacoima. The property comprises eight residential buildings, totaling 81.5k sf. The complex is situated on a 3.95-acre site for a comfortable density of 25.3 units per acre.
The apartment homes feature spacious one and two-bedroom floor plans with an average size of 815 sf. The property features a large sparkling outdoor pool with a relaxing spa, three laundry centers, two tot lots, a leasing office with two large suites, elevators, garden / courtyard with walkways, and controlled access.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the buyer and the seller, a private investor based in Simi Valley.
“Due to the desirable 1987 construction, strong unit mix with 68% two-bed / two-bath units, and upside with a proven value-add program, there was significant interest in this deal,” said Ozen. “This community presented an unusual opportunity to acquire a low density, high quality asset with below market rent in the San Fernando Valley.
“Although Branford Villas was recently placed under new professional management that was improving the operations, Branford Villas had suppressed income due to years of mismanagement by prior owners, which made financing difficult,” Ozen added. “It took a special buyer to realize its full potential and aggressively step up to close this deal.”
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