Institutional Property Advisors Closes $106.65 Million Multifamily Asset Sale in California’s San Fernando Valley
October 30 2023 - 8:11PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of Summerset
Village, a 280-unit multifamily property located in the foothills
of the Santa Susana Mountains in Chatsworth, California. The
$106.65 million sale price equates to $380,893 per unit.
“Well-maintained by an institutional owner for over 25 years,
Summerset Village is one of only 10 multifamily properties with 200
units or more in the Northwest San Fernando Valley built since
1980,” said Kevin Green, IPA executive managing director. “The
submarket has experienced 25% rent growth over the last 24 months
while maintaining occupancy over 96%.” Green and IPA’s Joseph
Grabiec and Gregory Harris represented the seller and procured the
institutional buyer. “Chatsworth is greatly undersupplied with
luxury housing communities of 50 units or more,” said Grabiec.
“Because of this scarcity, large value-add assets like Summerset
Village tend to thrive after renovation.”
Summerset Village is within a 10-minute drive of premium retail
centers in the San Fernando Valley, including The Vineyards at
Porter Ranch, Northridge Fashion Center, Westfield Topanga, and
Warner Marketplace. Chatsworth is home to over 22 million square
feet of office, industrial, and flex space, and there are 1
million-plus jobs in nearby Warner Center, Burbank, Glendale,
Pasadena, Hollywood, West Los Angeles, and Ventura County.
Completed in 1986, the asset has 39 two-story residential
buildings, two solar-heated swimming pools, two hot tubs, a beach
volleyball court, and direct access to hiking trails. Apartments
have full-size washers and dryers and panoramic views. Select units
have fireplaces, wrap-around patios, and direct access garages.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231030829586/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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