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April 19, 2024
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MULTIFAMILY NEWS
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San Fernando Valley Apartment Community Purchased for $11.5 Mil

8/12/15

In a recent San Fernando Valley apartment buy, Plutsky Limited Partnership purchased Villa Toscana, a 49-unit, Mediterranean-style apartment community in Canoga Park, for $11.5 mil ($235k/unit). The buy was financed with a new $7.27 mil acquisition loan.

Completed in 2003, Villa Toscana is located at 20918 Gresham St, south of Nordhoff St and just west of De Soto Ave. The non-rent controlled property features one-, two- and three-bedroom units averaging approximately 960 sf each. Community amenities include a swimming pool, fitness center, courtyard area, assigned garage parking and gated access.

The asset provides nearby access to two of Los Angeles County’s largest shopping malls – Westfield Topanga and Westfield Promenade – as well as the soon-to-be-completed $350 mil Westfield Village lifestyle center, which will connect the two existing malls.

Blake Rogers of HFF represented the property seller, a joint venture between Pacific Crest Realty and a private equity investment partner. The property was purchased free and clear of existing debt by a Plutsky entity, Gresham Villa Toscana LLC. HFF’s Marc Schillinger placed the five-year, fixed-rate 20-year acquisition loan with Freddie Mac’s small balance loan program at a rate of 2.88 percent.
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