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3/09/17
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A seven-unit multifamily property in the San Fernando Valley community of Studio City traded hands in a recent $2.3 mil ($329k/unit) deal. The property, located at 12642 Moorpark St, south of the 101 Fwy and east of Coldwater Canyon Ave, was acquired by Studio City Manor LLC.
Built in 1962, 12642 Moorpark Street is a seven-unit, two-story, garden-style apartment community. The property, totaling 9.6k sf of space, is conveniently located near the Hollywood Split, approximately 15 miles from downtown Los Angeles.
The property is within minutes of the south valley job bases of Burbank, Universal City, and the NoHo Arts District. It is surrounded by more than 20 theaters, along with diverse art galleries, professional dance studios supporting TV and film, and one of the largest concentrations of music recording venues in the United States.
Berkadia’s Jim Fisher and Senior Director Mike Smith, along with The Beaumont Co’s Bruce Harrison, represented the seller, The Estate of Harriet H. Forster. According to Smith, the property received multiple offers and sold for a low 3.5% cap rate due to the large townhouse floorplans and tremendous rental upside.
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