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3/05/18
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Two multifamily properties in the southeastern San Fernando Valley community of Studio City sold in recent transactions totaling $9.7 mil. They are both viewed as significant value-add opportunities for the buyers to upgrade the properties and raise rents.
One of the properties, Laurel Towers, a 20-unit, three-story complex at 12100 Valley Spring Lane, was acquired by a private, local investor for $5.7 mil ($285k/unit). Constructed in the 1960’s, the property features a mix of one-, two- and three-bedroom apartments.
The site also features a central courtyard pool, elevator and covered, gated parking. It is walking distance to a Trader Joe’s, Gelson’s Markets and numerous upscale shops and cafes along Ventura Boulevard and Ventura Place.
The other property, a 16-unit asset located at 12121 La Maida St, sold for $4 mil ($250k/unit) to Xenon Investment Corporation, a local investment company. The property is on a residential street, surrounded by single-family homes.
Similar to Laurel Towers, the site is in walking distance and proximity to many amenities, including coffee shops, restaurants, grocery stores and recreational parks. The two-story property sits just west of Laurel Canyon, consisting of one- and two-bedroom units built around a courtyard with a pool.
Melinda Russell of CBRE represented both buyers and the seller, a private family trust, in both transactions. According to Russell, both buildings have been in the family for two generations.
“It is very rare that two properties in a highly desirable and quality location such as this, become available,” said Russell. “The seller was ultimately looking for someone to purchase the sites in ‘as is’ condition and a rather quick close, which, due to the high demand for such prime locations, did not deter the buyers”.
Apartment vacancies in the Greater Los Angeles region are expected to remain stable throughout 2018 with a possible temporary rise due to new supply. Rents are likely to continue to increase at a moderate pace, according to CBRE research.
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