Mark Labrador Acquires Multifamily Property In San Fernando Valley For $15.25M

Located in San Fernando Valley, the multifamily property at 18521 & 18561 Prairie St. has been sold in a closed transaction. The sale took place on September 30, 2021, with a sale price of $15,250,000. The property consists of 59 units and spans 45,015 square feet. This equates to a per unit price of $258,474 and a price per square foot of $338. The property is situated in Northridge, next to the CSUN Campus.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $15,250,000
• Address: 18521 & 18561 Prairie St.
• Market: San Fernando Valley
• Buyer: Mark Labrador
• Seller: Michael Weinreb
• Brokers: Filip Niculete, Glen Scher & Makan Mostafavi (LAAA Team) - Marcus & Millichap
• Units: 59
• Price per Unit: $258,474
• Square Footage: 45,015
• Price per Square Foot: $338
• GRM: 14.77x
• CAP: 3.76%

Notably, this transaction involved two properties with a total of 59 units. CoStar's All-Time Sales Records in Northridge for Rent-Controlled Multifamily properties were set with this sale, establishing the highest price per square foot and highest price per unit reached in the area. The financials at the sale price included a 3.76% capitalization rate and a 14.77 gross rent multiplier, resulting in $338.78 per square foot and $262,931 per unit.