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11/12/14
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Vista Ridge Apartment Homes, an 81-unit apartment community in Sylmar, was purchased by a private investor in a deal valued at $14.25 mil, or almost $176k per unit. The property is located 13500 Foothill Blvd, in the northeast part of the San Fernando Valley.
Vista Ridge is an eight-building apartment community in a low-density setting in an area composed predominantly of single-family homes. The property features recently replaced roofs, new exterior lighting and signage, a modern exterior paint scheme, four on-site laundry rooms, and newly landscaped barbecue areas with built-in gas grills and seating. Approximately 70 percent of the units have been renovated to include new wood-grain vinyl and tile flooring, porcelain-tile kitchen countertops with decorative tile backsplashes, a multicolor paint scheme, modern lighting and new shower fixtures.
Ronald Harris, executive vice president investments, Rick Raymundo, vice president investments, and senior associates Paul Darrow and Michael DiSimone, all in Marcus & Millichap’s Los Angeles office, represented the seller, Benedict Canyon Equities Inc.
“Vista Ridge’s location, size, amenity package and value-add opportunities combine to form a commercial real estate investment that is well-positioned to provide strong returns over the long term,” says Harris.
“Constructed in 1987, this non-rent-controlled asset has been extensively remodeled and for the past three years, operations have steadily moved in a positive direction,” adds Raymundo.
Situated adjacent to California state routes 118 and 210 and interstates 5 and 405, the property provides residents with easy access to employment hubs in Santa Clarita/Newhall, the northern areas of the San Fernando Valley and Burbank/Glendale. Gridley Elementary School and other public and private schools are nearby. Los Angeles Mission College is approximately one mile away.
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