22 Jan 2018
MATTHEWS REAL ESTATE INVESTMENT SERVICES™, the nation’s fastest-growing commercial real estate firm, completed the $8.3 million sale of Tarzana Villas, a 29-unit apartment property located in the city of Tarzana, CA.
Daniel Withers, Senior Vice President of Multifamily at Matthews™, represented the buyer 6910 Kester LP, who was satisfying a 1031 exchange. The property closed escrow within 60 days at a price per unit of $286,207, and 3.68% cap rate.
“The Tarzana Villas presents a unique opportunity for our client in that the property offers a very attractable unit mix of one, two and three bedroom units, provides significant upside in rents through hands on management and is in a highly desirable location in the San Fernando Valley,” said Withers. “Rents in Tarzana have also increased at a rate higher than any neighborhood South of the 101, recently increasing 18% year over year.”
Originally built in 1962, this two-story property is located at 18543- 18545 Clark Street, Tarzana CA. Aside from the spacious floorplans, the property also offers a central courtyard with lush landscaping and is located within walking distance from Ventura Boulevard.
For more information regarding the sale of 18543- 18545 Clark Street or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to Daniel Withers for more information.
About Matthews Real Estate Investment Services™:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, management, leasing, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM.
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