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9/16/19
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Camelot Apartments, a 20-unit multifamily community in Reseda, was purchased by a private investor for $5.3 mil ($265k/unit). The San Fernando Valley property traded at an effective cap rate of 4.57%.
Located at 8151 Reseda Blvd, the 19.1k sf complex consists of 18 two-bedroom units and two one-bedroom units with an average size of approximately 900 sf. The apartment community, built in 1987, features gated garage parking and central heat and air conditioning in all units.
The property is located one block from Dignity Health Center, a medical group with an employment base of more than 1,600 people. The building is a five-minute drive to California State University Northridge with an enrollment of approximately 38,000 students and a staff of roughly 4,000. The community is within four miles of four major Southern California freeways, including I-405, SR 101, SR 118 and SR 27.
Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the buyer, LCL Capital Investments LLC, and the seller, a private investor.
“The fact that the property was not rent controlled and had a lot of upside was very attractive to buyers,” said Lustig-Bower. “We were able to generate approximately 17 offers, which garnered a great winning bid for the seller.”
The multifamily market in the Greater Los Angeles area remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to the latest CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending in Q1 -- up 65.7% from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period. The vacancy rate in Los Angeles was 3.7% in the first quarter, down 10 basis points year-over-year, with rents rising 3.7% from the prior year.
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