Encino, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, recently brokered the sale of Mountain View Manor Apartments in Chatsworth, CA for $26.4M. The transaction was arranged by Associate of Multifamily John Boyett, and Senior Vice President & Senior Director Daniel Withers, who represented Sussex Capital. The 97-unit property is located at 21700-34 Septo Street in Chatsworth, CA.
The multifamily asset was built in 1977 and received its Certificate of Occupancy post 1978 and therefore is not subject to Los Angeles City rent control. The property consists of 97 units situated on an 83,124 square foot lot. The gated apartment complex boasts four swimming pools, a jacuzzi, a BBQ area, laundry facilities, and assigned parking. It offers a unit mix of one – single, forty – one bedroom with one bath, fifty – two bedroom and two baths and four townhomes of two bedrooms and two baths. The property is conveniently situated close to freeways, shopping, restaurants, and entertainment.
“We are thrilled to help our clients achieve their goals in the acquisition of the 97 units,” said Senior Vice President Daniel Withers. “With their hands-on management style and focus on detail this is going to be a great addition to their current portfolio. I couldn’t be happier for them with regards to this purchase.”
The buyer, Sussex Capital Group whose principals are Mike Rosenthal and Steve Waterman own and operate multiple properties throughout the greater Los Angeles area. The seller was a private family who had retained Keller Williams to sell the property. The seller’s motivation was to exit California and purchase properties in the Northwest. Matthews™ agents represented the buyer. The multifamily property sold at a low 12 GRM with a 5.25% cap rate.
“Our in-depth knowledge of the marketplace allowed us to identify a great buying opportunity for our client. The buyer received a fantastic deal for today’s market. Not only is the property receiving excellent cashflow but also has future upside potential,” said Associate John Boyett. “We are proud to have achieved the highest cap rate recorded in Chatsworth, CA for either a rent-controlled or non-rent-controlled multifamily asset in recent years.”
For more information regarding the sale of Mountain View Manor Apartments in Chatsworth, CA., or if you have any other questions related to multifamily investments, please do not hesitate to reach out to John Boyett and Daniel Withers. To view current listings, please visit www.matthews.com.
About Matthews REIS™
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales and leasing. Headquartered in El Segundo, CA, and strategically positioned with over 200 agents and 50 support staff in 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.