LA Apartments Acquires Multifamily Property In Reseda For $17M

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.