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CANOGA PARK, CA-Puente Del Sol, an LLC managed by Shane Astani of Astani Enterprises, has sold its 49-unit Puente Del Sol apartment complex here to TPRF/Villa Toscana LLC for $9.5 million as part of Beverly Hills-based Astani’s shift from smaller to larger properties. Astani was the developer of the complex, which was built in 2003 at 20918 Gresham St. The two-story building does not fall under Los Angeles City rent control, which provides potential rental upside in what some analysts may look at as uncertain market conditions, Shane Astani points out.

The 49 units include 12 one-bedrooms, 33 two-bedrooms and four three-bedroom units. In addition to the high-quality units, Astani notes that the Puente Del Sol provides tenants with an array of common area amenities that include a swimming pool with a sundeck, a state-of-the-art fitness center, 24-hour laundry facilities, a well-landscaped courtyard, and a closed-circuit monitoring system for security.

Although the complex was built in 2003 and has been maintained in excellent condition, the property holds the potential for approximately 10% rental upside in the first year of operation through modest unit upgrades. The deal provides immediate cash flow on a newer apartment building in one of the strongest apartmentmarkets in the San Fernando Valley, Astani points out. Both Astani and the buyer were represented by Ron Harris of Marcus and Millichap.

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