RESEDA, CA-Marcus & Millichap Real Estate Investment Services has arranged the sale of Villa La Paloma, a 138-unit apartment complex in Reseda, a community in the San Fernando Valley. The $14,500,000 sales price equates to $105,072 per unit.
Jeff Louks, a senior vice president investments in the Encino office of Marcus & Millichap, represented the seller, 1439 Curson Partners LP. The buyer is La Paloma LLC.
“The new owner took advantage of an exceptional investment opportunity,” says Louks. “Villa La Paloma's location borders Northridge and is only two miles from a well-known university. Although the property is subject to rent control, the high rate of turnover from students helps keep rents as close to market as possible and modest upgrades and strategic marketing can further increase the income stream,” adds Louks.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
