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Marcus & Millichap closes Van Nuys apartment sale for $9.5M

The 30-unit multifamily property at 7203 Rubio Ave. was financed with $6.2M in acquisition funding and a five-year loan at 67% loan-to-value.

Reported · Written up by our desk · Residential

ConnectCRE reports that Marcus & Millichap closed the sale of 7203 Rubio Ave., a 30-unit multifamily property in the Lake Balboa neighborhood of Van Nuys.

The transaction price was $9.5 million, or $316,667 per unit. Marcus & Millichap Capital Corporation secured $6,223,000 in acquisition financing for the deal.

According to ConnectCRE, the property last came to market when it was built in 2013, and the marketing effort drew strong interest, with eight property tours and five competitive offers.

ConnectCRE adds that Marcus & Millichap said the buyer did not request price reductions or escrow credits, and it notes the asset is not subject to the Los Angeles Rent Stabilization Ordinance. It also states that the buyer obtained a five-year loan from a national bank at 67% loan-to-value, with a competitive interest rate and a 30-year amortization period.

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