Montevida Property Claims Nearly $9M

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SHERMAN OAKS, CA-Gregcoh LLC of Sherman Oaks has purchased the 47-unit Montevida apartment complex for nearly $8.9 million, completing a 1031 exchange and landing a property that a number of buyers were interested in, according to Dean Zander of the Los Angeles office of Hendricks & Partners in Encino. Zander represented the buyer and the seller, FSC Realty of Beverly Hills. The complex was 96% occupied at the time of the sale. Zander tells GlobeSt.com that the sale completes a repositioning play for the seller, which bought the property two years ago and subsequently upgraded it to compete more effectively with other premiere apartment complexes in the vicinity. “Demand for this type of well-located, high-quality asset is the strongest I’ve experienced in years,” Zander says. He says the property attracted a wide range of exchange buyers, institutions and condo-converters. “When you combine factors like the dramatic shortage of housing, low interest rates, single-family prices that continue to climb and apartments being converted to condominiums, we believe apartment rents and values will continue to climb,” Zander adds. Montevida consists of one three-story building of wood frame and stucco construction about a half block north of Ventura Boulevard at the southwest corner of Kester Avenue and Moorpark Street. The building is situated on nearly a half acre, with approximately 120 feet of frontage on Kester Avenue and 150 feet on Moorpark Avenue. The seller invested in upgrades that included new countertops, appliances, painting, carpeting, lighting, fixtures and other improvements, along with new tile and carpet in the common areas, a new elevator cab, a newly designed lobby, a new roof and boiler and an updated fitness center with new equipment.