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Canoga Park Complex Fetches $10.7M

CANOGA PARK, CA-Recent renovations and the upside potential from existing below-market rents were keys to this deal for 135 units in at the Parthenia Plaza and Parthenia Court Apartments in the San Fernando Valley.

By Bob Howard | Updated on September 11, 2002

CANOGA PARK, CA-A private individual bought the 135-unit Parthenia Plaza and Parthenia Court Apartments for $10.7 million from Parthenia Court and 20909 Parthenia LLC, according to broker Ron Harris of Marcus & Millichap.

Harris, who represented the sellers while John Walsh of M&M represented the buyer, tells GlobeSt.com that the new owner can realize substantial upside in the property because rents are 20% or more below market at the three-building complex. The buildings are at 20909, 20919 and 20929 Parthenia St. on a parcel of nearly three acres.

“We had multiple offers because this is a rent-controlled building with below-market rents, which is one of the most sought-after kinds of properties in the apartment market,” Harris tells GlobeSt.com. He explains that buyers are in the market for such properties because they know they will be able to raise rents to market when a unit becomes vacant.

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