(Read more on the multifamily market.)

CANOGA PARK, CA-Pacific Realty Ventures’ condominium division, CondoWest.com, sold out the six-unit first phase of its 18-unit Vassar Villas in less than a week and has sold most of the units in the six-unit second phase. CondoWest.com is developing the project in three phases of six units each.

Vassar Villas is a former apartment complex near Warner Center. According to Behzad Dabiran of Pinnacle Estate Properties, who brokered phase one sales with partner Lena Mikhail, the units sold between $269,000 and $339,000. The prices are primarily aimed at first-time home buyers in the low- to moderate-income range.

Daniel Khakshouri, president and founder of Pacific Realty Ventures Corp., says that the concept behind Vassar Villas was “to provide a high-end product to those who could least afford it.” This is the ninth condominium conversion project for the company, which specializes in repositioning and converting prime location apartment complexes throughout the Greater Los Angeles area.

CondoWest.com bought the apartment complex in 2006 and immediately set out on an 18-month renovation process that included refurbishment of the interiors as well as the exterior of the building and all the landscaping. Khakshouri operates his firm as a vertically integrated enterprise, running his own construction crews, buying materials such as marble and cabinetry by the container, and negotiating rates with home warranty companies, title insurance and escrow firms.

In addition, Khakshouri’s firm provides borrowers with access to a variety of state-run loan programs. For buyers who qualify, the programs can provide financing that serves as a silent second mortgage, thus offering additional financing.

While the state may share in a percentage of the equity of the home, these plans may defer repayment until the house is sold or refinanced. Until then, buyers pay no interest on this portion, and when buyers sell, they share a percentage of the home’s appreciation with the state.

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