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8/09/16
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In a recent multifamily sales comp from the west San Fernando Valley, a 36-unit apartment building in Winnetka sold for $6.7 mil, or $186k/unit. The property, located at 7255 Winnetka Ave, was sold by a local private investor in a 1031 exchange.
Built in 1983, the two-story, garden-style apartment building occupies just under one acre of land and includes subterranean parking, a pool, newly installed solar energy systems, and a mix of large units with big patios and balconies. The asset is well-located in a densely populated area comprised of multifamily, upscale housing, shopping amenities, and is convenient to Pierce College, public transit, and the 101,405, and 118 freeways. The property’s location is further improved by its proximity to Westfield’s newly developed Village at Topanga, a 1.6 msf, two-story enclosed shopping center.
Barry Rothstein with Charles Dunn Company represented the buyer, a private, Northern California-based real estate company with an established portfolio of SoCal apartment buildings, and the seller in the off-market transaction.
“This was a favorable deal for both the buyer and the seller,” said Rothstein. “The seller sold the property to free himself from several decades of apartment ownership and will be able to increase his income through the exchange. Since the property is not subject to Los Angeles rent control, the buyer will be able to renovate the units as tenants move out and increase value.”
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