(To read more on the multifamily market, click here.)

RESEDA, CA-Carmel Partners of San Francisco has acquired a 100% leased, 78-unit multifamily complex called the Villa Grande for $18.3 million and plans to renovate the property, according to Lee & Associates. Jim Fisher of the Sherman Oaks office of Lee & Associates, who brokered the deal along with Mike Smith of the Lee Sherman Oaks office, tells GlobeSt.com that the townhome-style complex was built in the 1980s as a condominium project but has operated as a rental property ever since.

The 78 units at the Villa Grande were built as individually deeded condos with attached garages, Fisher adds, but the units were rented out because the condo for-sale market had stalled at the time the development was completed. The Villa Grande, at 18641 Saticoy St., comprises five buildings on 2.3 acres and features a host of amenities. Among them are gated access entry, washer-and-dryer connections, air-conditioning, balconies and patios, gas fireplaces and attached two-car garages.

The 78 units include 73 two-bedroom units with one and a half baths each, plus five three-bedroom units with two and a half baths each. The two-bedroom units measure approximately 1,000 sf and the three-bedrooms measure approximately 1,100 sf. Rents average about $1,500 at the complex.

Carmel Partners bought the property from South Bay-based Grande Villas LLC, which had owned it since the 1980s after buying it from the developer. Fisher and Smith represented both the buyer and the seller.

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