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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 ofthe Lee Sherman Oaks office, tells GlobeSt.com that thetownhome-style complex was built in the 1980s as a condominiumproject but has operated as a rental property ever since.

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