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10/29/14
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Shadow Trails, a 64-unit apartment asset consisting of seven stand-alone buildings in the northeastern San Fernando Valley community of Sylmar, has traded for $10.08 mil, or $157.4k/unit.
Built in 1984, the property is located at 15520 Foothill Blvd. It was sold by the original builders. The new owner plans to renovate the interiors over time and take advantage of a submarket that is poised for rental growth.
Shadow Trails is comprised of 30 one-bedroom/one-bath units, 30 two-bedroom/one-bath units and four studios. Many units have direct access garages. The property’s close proximity to major freeways has also played a role in attracting and retaining tenants.
Jim Fisher and Mike Smith, principals of Lee & Associates-LA North/Ventura, represented the buyer and seller.
“This is a non-rent controlled property so it offered immediate rental upside, and attractive long-term financing was available,” said Smith. “In addition, the property has been very well maintained, and there was little deferred maintenance.”
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