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July 20, 2019
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MULTIFAMILY NEWS
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San Fernando Valley Multifamily Property Sells for $24 Mil

5/31/19

Park Terrace Apartments, a 100-unit multifamily property in the central San Fernando Valley community of Reseda, sold for $23.95 mil ($239.5k/unit).The property is located at 6425 Reseda Blvd, just north of Victory Blvd.

Completed in 1969, the propertyís amenity package includes a swimming pool, fitness center, sauna, clubhouse, picnic/BBQ area, courtyard, bike racks and covered parking. The Terrace Apartments are adjacent to Reseda Park and close by to several other community hot spots such as the Sepulveda Basin Recreation Area, Sepulveda Garden Center, and the Sepulveda Basin Sports Complex.

Marcus and Millichapís Jeff Louks and Michael Sterman represented both the buyer and the seller, Lion Real Estate Group, who acquired the value-add community in May 2015 for $15.5 mil. Lion was able to turn over and renovate 62% of the building, raising the net operating income (NOI) approximately 35% from $875,000 to $1,180,000.





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