MacroReal Commercial Inc. Acquires San Fernando Valley Multifamily For $7.3M

The multifamily property located at 13266 Foothill Blvd. in San Fernando Valley was recently sold for $7,300,000. Built in 1985, this property consists of 28 units with a total square footage of 28,285. The sale price per unit was $260,714, and the price per square foot was $258. The gross rent multiplier (GRM) for this transaction was 13.48x, and the cap rate was 4.25%. It is worth noting that this property is not subject to Los Angeles rent control regulations and was sold with deferred maintenance.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,300,000
• Address: 13266 Foothill Blvd., San Fernando Valley
• Market: San Fernando Valley
• Units: 28
• Price Per Unit (PPU): $260,714
• Square Footage (SF): 28,285
• Price Per Square Foot (PPSF): $258
• Gross Rent Multiplier (GRM): 13.48x
• Cap Rate: 4.25%

The buyer of this property was represented by Grady Liu and Martin Ding from MacroReal Commercial Inc. On the other hand, the seller was represented by Glen Scher, Filip Niculete, and Jordan Epstein from the LAAA Team at Marcus & Millichap. This transaction involved multiple offers and the buyer assumed the seller's loan, saving the seller $130,000 in prepay. Additionally, the seller is conducting a 1031 exchange.