Real Estate
Home›Real Estate›Residential›Marcus & Millichap completes $9.5 million Van Nuys apa…
Marcus & Millichap completes $9.5 million Van Nuys apartment sale
The 30-unit Lake Balboa property sold for $316,667 per unit, financed with $6.223 million in acquisition debt.
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, equivalent to $316,667 per unit, and Marcus & Millichap Capital Corporation secured $6,223,000 in acquisition financing for the deal.
According to ConnectCRE, the apartment building is a newer-vintage asset delivered in 2013, and the marketing effort brought the property to market for the first time since construction.
The outlet also reports that the lender provided a five-year loan at 67% loan-to-value, with a competitive interest rate and a 30-year amortization period, and that the asset is not subject to the Los Angeles Rent Stabilization Ordinance.