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4/17/17
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A 14-unit luxury apartment property in the San Fernando Valley community of Reseda sold for $4.43 mil, or $316.4k/unit. The deal closed at a 4.3% cap rate.
Built in 2013, the three-story property is located at 7122 Amigo Ave, near the 101 Fwy. The property features high-end finishes and appliances in the units, gated parking, secure entrance and an elevator.
Robert Stepp and Mark Witksen of Stepp Commercial represented the buyer, Los Angeles-based June Quest One LLC. The seller, Amigo Properties, was repped by The Agency.
“This property offered the buyer an upleg in a 1031 exchange,” said Stepp. “The asset has been well-maintained and offers the buyer a stable cash flow as well as some upside potential now as well as in the future as rents continue to show signs of increasing in the Reseda market.”
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