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4/29/20
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The Verona, a 16-unit multifamily property in Westlake Village, sold for $8.15 mil, which works out to $509.4k/unit. The property is located at 3200-3240 Foothill Dr, south of the 101 Fwy off Hampshire Rd.
The three-story property was constructed in 1992 and sits on 1.64 acres. Unit layouts include one-, two- and three-bedroom apartments that range in size from 1.1k sf to 1.3k sf.
The Verona offers many condominium-quality features, including private two-car garages with direct unit access, in-unit full-sized washers and dryers, central air and heat, private patios, and cathedral ceilings. The spacious units are architecturally distinct, with most of the apartments offering loft or townhouse-style layouts within their expansive floorplans.
Additonal unit amenities include wood laminate flooring, high ceilings, recessed lighting, corian or granite countertops, and upgraded bathrooms. Select apartments feature built-in wine coolers, Nest thermostats, and fireplaces.
A secluded spa and sunbathing terrace is tucked into the private hillside above the Spanish-tiled rooftops of the three buildings. In addition to the two private garage spaces per unit, there are seven open parking spaces.
Rick Raymundo with the National Multi Housing Group at Marcus & Millichap represented the seller, 7337-7341 Variel LLC, which had owned the asset for more than 15 years. Financing was provided by Todd Leslie of JP Morgan Chase Bank.
According to Raymundo, despite the recent rent control and COVID-19 hurdles, they were able to achieve a final sales price that was 99% of the $8.2 mil asking price. The sales price equates to a value of over $455 per square foot, which set a record as the highest price per square foot ever in Westlake Village, as well as in neighboring Thousand Oaks, per Raymundo.
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