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MULTIFAMILY NEWS
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Four Multifamily Assets in the San Fernando Valley Totaling 61 Units Trade for $11.8 Mil

3/29/19

Two multifamily portfolios in the San Fernando Valley, totaling four buildings and 61 units, sold in separate deals worth a combined $11.8 mil ($193.4k/unit).

The first portfolio consisted of two buildings located at 19340 Wyandotte St in Reseda and 15534 Chase St in North Hills. Both properties were built by the selling entity, Benefert Enterprises LLC, owned by the Seifert family.

19340 Wyandotte St, built in 1968 and containing 20 units, sold for $4.575 mil. The property sold for $228.75k per unit and at a 4.27% cap rate. Wyandotte had soft-story retrofit work that was the buyer’s responsibility. The building has a unit mix of 17, two-bedrooms and three, three-bedroom units. The buyer was SEJ Reseda LLC.

Built in 1967, 15534 Chase Street contains 25 units and sold for $4.43 mil. The property sold for $177.2k per unit and at a 5.11% cap rate. Chase had a significant amount of soft story retrofit work that was the buyer’s responsibility. The building has a unit mix of five, one-bedrooms, 17, two-bedrooms, and one, three-bedroom unit.

Jason Tuvia and Josh Yeager with Marcus & Millichap represented the seller in the transaction. The buyer was 15534 Chase LLC.

The second portfolio consisted of two separate buildings next door to each other with different sellers. The portfolio, located at 11557 and 11565 Erwin St in North Hollywood, sold for $2.8 mil.

Built in 1958, 11565 Erwin Street consists of eight units and sold for $184.4k per unit and at a 4.48% cap rate. 11557 Erwin Street also consists of eight units built in 1958, and sold for $166.3k per unit and at a 3.19% cap rate. The combined properties have good development potential as well.

M&M’s Tuvia, along with colleague Janette Monfared, represented the buyer and the seller in this deal.






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