28-Unit Apartment Building Located Within One Mile of State University
Los Angeles, CA— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently completed the $7.95M sale of a 28-unit apartment building located at 18404 Vincennes Street, Northridge, CA. Senior Vice President Daniel Withers and Senior Associate John Boyett represented the seller in the transaction.
The property, previously owned by a California-based investor, was acquired by a prominent multifamily portfolio holder looking to expand its presence in the Northridge market. Matthews™ agents focused on pricing the multifamily property accurately, ensuring no price reductions. 18404 Vincennes Street saw a quick close, in comparison to other assets that had already started their marketing process and are currently still sitting on the market.
“It is essential to complete a comprehensive market assessment of industry trends, sale comparables, as well as what is currently on the market and how long it’s been sitting for sale. This will ultimately allow you to position the property to accomplish the Sellers goals and also prevent the listing from going stale/losing value in a downward moving market.” said Boyett. “During the transaction, we implemented a strategic marketing approach that worked phenomenal in achieving the clients goals.”
The multifamily property comprises 28 units and is located .2 miles from California State University, Northridge and University Plaza Shopping Center.
“Mid-sized assets in Northridge do not trade often, making this an in-demand property,” said Withers. “We utilized Matthews™ technology and our combined database to secure a buyer who was looking to move the process along quickly and efficiently.”
Northridge holds over 70,000 residents, and most of its economic success is attributed to California State Northridge (CSUN), which secures $663 to $686 million for the city annually. CSUN adds 6,000 jobs to Northridge’s local economy. 18404 Vincennes Street’s proximity to the CSUN campus makes it a coveted asset.
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 14 offices across the Unites States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com
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