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Matthews Reps Buyer in $17.5M Multifamily Portfolio Sale
Two properties, totaling 77 units in Los Angeles, have changed hands for $17.5 million in the submarkets of Canoga Park, Calif., and Winnetka, Calif.
Matthews Real Estate Investment Services, brokered the acquisition, with the properties located at 21707 Saticoy St., Canoga Park, and 20815 Sherman Way, Winnetka, CA. Associate Adam Feldman, Senior Associate John Boyett, and Senior Vice President and Senior Director Daniel Withers handled the transaction.
The buyer, a Calif.-based LLC, plans to upgrade the current facilities, with an eye toward the addition of ADUs to both buildings.
Feldman added, via a news release:
“This was a rare opportunity for our client to acquire assets at a five percent cap rate with over 30 percent rental upside potential. The property fit the buyer’s long-term goals, plus they had the capital and expertise to handle a value-add type investment like these two assets.”
The seller was represented by Richard Ringer of Marcus and Millichap.
