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6/29/15
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LCL Capital Investments LLC recently closed a multifamily purchase in the southwest San Fernando Valley, paying $9.19 mil for Parkwood Apartments, a 52-unit ($176k/unit) apartment community in Tarzana. Constructed by the Ring Brothers in 1979, Parkwood Apartments is located at 18540 Collins St, on a 1.5-acre lot adjacent to the 101 Fwy off of Reseda Blvd.
The property consists of four two-story buildings with 18 studio apartments, 27 one-bedroom/one-bathroom apartments and seven one-bedroom/one-bathroom loft apartments. The unit interiors have been upgraded to include laminate wood flooring, new cabinet fronts with designer hardware, granite counter-tops, dishwashers and modern stainless steel appliances in select units. Each unit provides outdoor space with private patios or balconies.
Apartment amenities feature central air conditioning, ample closet space and private sundecks within the loft units. Common area amenities include a pool with a sundeck, landscaped courtyard with barbecue grill, on-site laundry facility and off-street gated parking.
ARA Newmark Directors Bryan Schellinger and Tyler Martin represented both parties in the transaction.
According to Schellinger, “Parkwood is a well-located south San Fernando Valley asset that greatly benefits from its proximity to neighborhood amenities and immediate freeway access. The seller positioned the asset as a best-in-class community within the dense rental market around Reseda Boulevard, providing the new owner with long-term, stable cash flow”. The property was 96% occupied at close of escrow.
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