Jonathan Azal Sells Reseda Multifamily Property For $13.9M With Buyer's Rep Hovik Avanessian And Seller's Rep Filip Niculete & Glen Scher

Located at 7108 Amigo Avenue in Reseda, this multifamily property was recently sold in a closed transaction. The property consists of 34 units and was built in 2017, offering modern living spaces in a desirable location. The sale price for this asset was $13,900,000, resulting in a price per unit (PPU) of $408,823. The total square footage of the property is 38,276, with a price per square foot (PPSF) of $363. The gross rent multiplier (GRM) for this transaction was 17.54x, and the capitalization rate (CAP) was 3.65%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $13,900,000
• Address: 7108 Amigo Avenue
• Market: Reseda

In this transaction, Jonathan Azal served as the seller. Hovik Avanessian, representing REMAX Optima, acted as the buyer's representative. The seller's representatives were Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap. Their combined expertise and dedication facilitated the successful sale of this multifamily property.

This deal garnered significant attention, breaking several records in Reseda. It achieved the highest price per unit, highest GRM, and lowest CAP rate in the history of apartment building sales in the area. The true all-cash close and involvement of a foreign buyer further highlight the appeal and desirability of this property.

With its prime location, modern amenities, and successful transaction details, the sale of this multifamily property at 7108 Amigo Avenue in Reseda stands as a testament to the strong real estate market in the area.