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June 24, 2024
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Golden Bee Properties Wraps Up $39.5 Mil Res Buy in Sylmar


Golden Bee Properties purchased Mountain View Manor, a 200-unit LIHTC multifamily property in the northeast San Fernando Valley community of Sylmar, for $39.5 mil ($197.5k/unit). The property is located at 12960 Dronfield Ave, southwest of Foothill Blvd and the 210 Fwy.

The property is 100% affordable and with a non-profit partner the property qualifies for real estate tax exemption. Built in 1964, the two-story garden-style community offers studio, one-, two-, and three-bedroom apartment homes. Each unit features wood linoleum floors, spacious closets, air conditioning, and ceiling fans. Community amenities include: laundry facilities, clubhouse, controlled access, on-site maintenance, on-site property manager, spa, on-site parking, and sundeck.

Residents enjoy easy access to major highways and public transportation. Located approximately 25 miles northwest of Downtown Los Angeles, the property boasts a charming neighborhood with breathtaking mountain views and plenty of outdoor recreation. Mountain View Manor offers four parks within a 15-minute drive as well as three shopping centers within a 15-minute walk.

According to David Berneman, CEO of Golden Bee Properties, the firm plans to spend $1.5 mil in exterior upgrades, renovate half of the unit interiors, as well as add 17 ADUs over the next five years.

Northmarq’s Zalmi Klyne and Stanley Chu assisted the buyer in the transaction. Northmarq’s Los Angeles debt/equity team assisted with the loan assumption and arranged the preferred equity.

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