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IPA Closes $107M Sale of Chatsworth Apartments
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Summerset Village, a 280-unit multifamily property located in the foothills of the Santa Susana Mountains in Chatsworth. The $106.65-million sale price equals $380,893 per unit.
“Well-maintained by an institutional owner for over 25 years, Summerset Village is one of only 10 multifamily properties with 200 units or more in the Northwest San Fernando Valley built since 1980,” said Kevin Green, IPA executive managing director. “The submarket has experienced 25% rent growth over the last 24 months while maintaining occupancy over 96%.”
Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller and procured the institutional buyer.
“Chatsworth is greatly undersupplied with luxury housing communities of 50 units or more,” said Grabiec. “Because of this scarcity, large value-add assets like Summerset Village tend to thrive after renovation.” Completed in 1986, Somerset Village has 39 two-story residential buildings.
- ◦Sale/Acquisition




