Two Multifamily Complexes Net $26M

In the larger of the two deals, in the San Fernando Valley community of North Hills, senior investment associate David Kaufman of the West Los Angeles office of Marcus & Millichap reports that the Prime Group bought the Woodley Apartments at 10139 Woodley Ave. from a private investor for more than $14.8 million, or $174,706 per unit. Kaufman represented both the Prime Group and the seller.

[IMGCAP(2)]The Woodley property offered "an excellent opportunity to acquire a well-maintained asset in a prime North Hill location with significant upside in rents," Kaufman says. The 116,680-sf, two-story apartment complex is situated on a 2.7-acre lot and features a mix of one- and two-bedroom units, plus amenities including a swimming pool and patio area, two laundry facilities, secure entry and a landscaped courtyard. Each unit also includes an enclosed garage that is accessible off the alley in the back or on the north section of the property.

In the Wilmington transaction, Gordon Reese, an investment specialist and director of Marcus & Millichap's National Multi Housing Group in Newport Beach, reports that a private buyer acquired the 108-unit complex called Bayview Apartments at 606-638 Bayview Ave. Reese says that the deal provided the new owner with "tremendous upside potential by increasing rent to market levels." The 62,850-sf complex consists of two 54-unit, three-story buildings situated on 1.6 acres, separated by an open parking area with 121 spaces.