Updated Oct 29, 2024
LA Apartments Acquires Multifamily Property In Reseda For $17M
18317 Kittridge Street, Reseda, CA, USA
$17,000,000
$251/SF
Building Size
67,718 SF
Asset Type
MultiFamily
Closing
Feb 25, 2021
About this deal
AI
LA Apartments has acquired a multifamily property located at 18317-18331 Kittridge St in Reseda. The transaction was completed on February 26, 2021, with a sale price of $17,000,000. The property consists of 72 units, with an average price per unit of $236,111. The total square footage of the property is 67,718, resulting in a price per square foot of $251. The capitalization rate for this investment is 4.46%.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $17,000,000
- Units: 72
- Price Per Unit: $236,111
- Square Footage: 67,718
- Price Per Square Foot: $251
- Market: Reseda
The buyer, LA Apartments, acquired the property from Bechir Investments. The deal was facilitated by the brokers Michael Sterman, Jeff Louks, and Matt Ziegler, representing Marcus & Millichap. These individuals played a crucial role in ensuring the successful completion of this transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93