Encino, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, announces the sale of a multifamily property in San Fernando Valley for $11.65M. The address of the property is 8608 Foothill Blvd, Sunland, CA. Senior Vice President & Senior Director of Matthews™ Multifamily division, Daniel Withers, represented the seller in the transaction along with Jeffrey Louks and Matthews Ziegler of Marcus & Millichap.
Built in 1983, Parkview East Apartments is a two-story, garden-style community consisting of 38-units. The community has a unit mix ranging from studio apartments to three-bedrooms. The property was recently painted and landscaped to highlight the courtyard with gated swimming pool and spa. Parkview East is a well-maintained community with easy access to major arterials and freeways. The multifamily property is conveniently located across the street from the Sunland Recreation Center. The Tujunga-Sunland submarket has historically had some of the lowest vacancy factors of all of San Fernando Valley.
The seller, a private client of Matthews™, wanted to reposition equity into another property. The asset was placed under contract pre-Covid-19 and closed at the contract price. The buyer purchased the apartment community as a long-term hold to their existing portfolio and did not renegotiate the price. The sale was one of the highest price per unit comps in the Tujunga-Sunland submarket.
“Despite the COVID-19 outbreak occurring in the middle of escrow and collections being down from previous months, we were able to negotiate the closing of the transaction as planned,” said Senior Vice President and Senior Director of Multifamily, Daniel Withers. “Seeing both Buyer and Seller achieving their overall goal in the disposition and acquisition of this asset is great to see in today’s environment.”
For more information regarding the Sunland Apartment sale or if you have any other questions related to multifamily investments, please do not hesitate to reach out to Daniel Withers. To view current listings, please visit www.matthews.com.
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 in 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.