NAI Capital | Southern California Commercial Real Estate Blog » Multifamily

NAI Capital Closes Deal on 25 Unit Apt. Building in Van Nuys for $4.1 Mil

socialnet@naicapital.com — Fri, 26 Apr 2013 21:50:53 +0000

VAN NUYS, CA – Ziv Kozaski and Michael Dixon with the Encino office represented the Seller, Vose, LLC and C.F. Saticoy, and the Buyer, Vose Regency Apartment, LLC, in the sale and purchase of Vose Manor, a 25 unit multi-family property located at 15329 Vose Street in Van Nuys, CA. The value of the sales transaction was $4.1 Mil.

The 25 unit two story apartment building, built in 1987, is predominantly made up of large 2 bedrooms, 2 bath units and is maintained in very good condition. The construction type is wood frame and stucco with subterranean parking and controlled access. Most units have modern amenities including balconies, granite counter tops, central air, garbage disposals, range, ample cabinet space, and 2 parking spaces. The property is not subject to Los Angeles city rent control and at the time of sale the property was 95% occupied.

Ziv Kozaski, broker with NAI Capital notes, “In this seller’s market, this sale clearly illustrates the continued investment demand for apartments outpacing supply in the San Fernando Valley area. Both the buyer and seller were tremendously pleased with the outcome and look forward to working with NAI Capital in the future.”

Vose Manor is adjacent to the 405, 101 and 118 freeway. Offering the residents easy access to all major freeways running throughout the San Fernando Valley and just minutes away from the Van Nuys/Woodley Lakes golf course, Van Nuys airport, Los Angeles Valley College and the Sepulveda Dam recreation area.

About NAI Capital

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840

NAI Capital Closes 90 Unit Senior Housing Deal for $10.5 Million

NAI Capital — Tue, 02 Apr 2013 22:45:04 +0000

WILMINGTON, CA – Tim Steuernol with NAI Capital’s West L.A. office represented the Buyers, Preservation Partners and Clifford Beers Housing, in the purchase of a 90 Unit Affordable Housing Complex for Seniors located at 1100 N. Banning Boulevard in Wilmington, CA 90744 from the Seller, VPP Banning Villas Apartments VP. The Seller was represented by Kanna and Ramu Sunkara of Sunkara Investments, Inc. The value of the sales transactions was 10.5 Mil.

The property, built in 1976, consists of 90 one bedroom units with wood frame and stucco construction. Property amenities include a large courtyard, a clubhouse and carports for each unit. Plans are in the works to completely renovate the complex with a new roof, kitchens, bathrooms, and appliances throughout.

Jon LaLanne, Partner with Preservation Partners expressed, “We are pleased to have been able to preserve this asset as senior housing for the next 55 years with the help of Clifford Beers and Enterprise. The commitment we received from HUD will allow us to do approximately $50,000 per unit in capital improvements.”

Jacqueline Waggoner, Deputy Director with Southern California Enterprise Community notes, “I am pleased to announce the closing of the Golden State Acquisition Fund (GSAF) loan, originated by Enterprise Community Loan Fund. Preservation Partners Development and Clifford Beers Housing will use the $9.4 million loan toward the purchase and rehabilitation of Banning Villa Apartments. Enterprise’s loan will allow the property to remain affordable to low-income seniors for an additional 20 years.

“It is a pleasure to work with a group like Preservation Partners that preserves and maintains affordable housing units throughout the state of California. There is a shortage of quality affordable housing options for the growing senior citizen population and exciting to be involved in the effort to improve the lives of an aging population,” notes Tim Steuernol with NAI Capital.

The property is located in Wilmington, a district of Los Angeles and adjacent to San Pedro and east of Long Beach. The property is easily accessible to the I-110 and I-710 Freeways.

About the Buyers: Preservation Partners is an affordable housing provider who owns and operates approximately 3,000 affordable units. Clifford Beers Housing is a local non-profit focused on developing affordable housing for individuals and families with limited incomes, including households that are either homeless or at-risk of homelessness and have a member living with a mental illness.

About NAI Capital

NAI Capital Represents the Purchase of a 6 Unit Multifamily Property in Long Beach for 1.1 Mil

NAI Capital — Fri, 21 Dec 2012 00:20:06 +0000

LONG BEACH, CA – Mario Gandara and Kevin Kawaoka with the West L.A. office represented the Buyer, a private investor, in the purchase of a 6 unit multifamily property located at 444 Ohio Avenue in Long Beach from the Seller, Larry Guesno Jr. The value of the sale transaction was $1.1 Mil.

“444 Ohio Avenue was an off market opportunity that we were able to uncover for our client. The asset had been extensively rehabbed. Each unit boasts of having a washer, dryer, hardwood floors, and granite counter tops. In addition, the property provided the generous return our client was seeking and is well situated within our client’s portfolio,” Mario Gandara.

“Long Beach continues to be a great value buy for apartment investors. The rental demand is steady and subsequently the area is attracting investment dollars. The main driver for the area – the port, recently reported improving fundamentals with exports up 13% and imports up 15% for the month of October,” Kevin Kawaoka.

The property, built in 1923, has six units with washer & dryer, hardwood floors, and granite counter tops. The property is in close proximity to the 1-710 and 1-405 Freeways and just minutes from the beach.

About NAI Capital

NAI Capital Represents the Seller in 91 Unit Multifamily Deal in Tempe, AZ for over $3.6M

NAI Capital — Fri, 14 Dec 2012 00:32:40 +0000

TEMPE, AZ – Tom Papoulias, Executive Vice President with the Commerce office, represented the Seller, Clancy International, in the sale of a 91 unit multifamily property located at 1224 & 1222 Lemon Avenue in Tempe, Arizona, to the Buyer, Jonathan Schoene. The value of the sales transaction was over $3.6 million dollars.

“The property, which consists of Fiesta Park and George Ann Apartments, is located in a prime area of Tempe, just two blocks away from Arizona State University. At the time of sale, the properties were 70% occupied. At the sale price of $3,640,000 it represented a 6.12% cap, $51.76 p/SF, and $40,000 per unit. I sold this property to a 1031 exchange to a Buyer out of Beverly Hills who sold all his multifamily apartments in 2004 and is now re-positioning his equity from California back to Arizona. The sellers never took advantage of leasing to students and were averaging anywhere from $375 to $475 rent per unit,” said Tom Papoulias.

The property, built in 1960s, consist of 65 two bedroom and 26 one bedroom units. Well suited for the college students in the area, property amenities include a swimming pool, laundry facilities and central air. Located just two blocks from Arizona State University, the property has onsite parking and ample access to public transportation.

About NAI Capital

NAI Capital Represents the Seller in 209 Unit Apartment Deal in Mesa, AZ for $8.5M

NAI Capital — Thu, 13 Dec 2012 00:03:14 +0000

MESA, AZ – Tom Papoulias, Executive Vice President with the Commerce office, represented the Seller, Trails East LLC, in the sale of a 209 unit multifamily property located at 1653 Harris Drive in Mesa, Arizona, to the Buyer, Insite Properties LLC. The value of the sales transaction was over $8.5 million dollars.

“The Trails East Apartments was the last of three multifamily apartments owned by a Southern California family that I have represented in past sales. The Trails East Apartments at the time of sale was 85% occupied. At the sale price of $8,650,000 it represented a 7.72% cap, $53.47 per/SF and $45,957 per unit. The new investor out of Newport Beach California was able to finance this transaction at a 70% LTV. After five tough years of an economy of 50%, and as low as 20% occupancy in multifamily, I am starting to see occupancy up to an average of a range of 70% to 80% which is bringing lenders slowly back to the table. Owning several properties within a one mile radius and holding long term, this transaction was a perfect fit for the new buyer,” said Tom Papoulias.

The property, built in 1983, has 209 units which consists of 112 one bedrooms and 97 two bedrooms on 10 acres of land. Each unit includes central air, private balcony, patio, and dishwasher. Property amenities include a fitness center, covered parking, playground area for children, two pools, spa and a clubhouse.

The Trails East Apartment property is conveniently located off the 60 Highway with easy access to the I-10 Interstate.

About NAI Capital

NAI Capital Represents the Purchase of an 8 unit Multifamily Property in Long Beach

NAI Capital — Tue, 27 Nov 2012 21:48:12 +0000

LONG BEACH, CA – Mario Gandara and Kevin Kawaoka with the West L.A. office represented a private investor in the purchase of an 8 unit multifamily property located at 1021 Temple Avenue in Long Beach. The transaction was valued at $1,450,000 million.

“Our client was able to acquire the Temple project at a substantial discount, assuring a generous return on the investment. The seller had been forced to sell what was originally designed as a condo project, when the market collapsed. The units are filled with numerous condo upgrades, and require minimal capital improvements and maintenance,” said Mario Gandara.

Kevin Kawaoka also noted, “This building will be a great long term, Bluechip Investment. We’re confident it embodies all the qualities and fundamentals that will keep our client well positioned in this quickly changing marketplace.”

The property, built in the 1987, is very well maintained and completely renovated. Each unit has a private balcony and gated parking. Remodeling was completed in 2008 and includes a new kitchen with custom cabinets, granite counter tops, tiled and laminated flooring, energy efficient appliances, washer/ dryer added inside each unit, new bathrooms with tiled tub/shower, and all new doors and windows throughout.

About NAI Capital

Contact: Sharon Fitzgerald, Public Relations, 818.742.1655 sfitzgerald@naicapital.com

NAI Capital Represents the Sale of Two Buildings in West Hollywood for over $2.6 Million

NAI Capital — Tue, 06 Nov 2012 23:44:44 +0000

WEST HOLLYWOOD, CA – Kevin Kawaoka and Mario Gandara with the West L.A. office represented the Seller, Zenta LP, and the Buyer, Golden Western LLC, in the sale and purchase of two multifamily sister apartment buildings. The combined 13 unit property is located at 8000-8022 Fountain Avenue with a transaction value of over $2.6 million dollars.

“This “A” location property generated an auction environment where buyers aggressively competed for the chance to purchase the property. This generated over twenty offers, resulting in a sales price that exceeded the asking price. The property remained in the top five most viewed properties on Loopnet for several months. As importantly, our marketing strategy allowed our client to obtain advantageous terms of sale,” said Mario Gandara.

Kevin Kawaoka noted, “This sale clearly illustrates the continued investment demand for apartments outpacing supply (a true seller’s market). With the various buildings we’ve sold in the last months we’ve met with a series of clients who’d been on the fence about selling, and consulted them on making moves now because the timing is right. What are the drivers? A proposed capital gains increase coupled with temporary low interest rates that we all know won’t stay at historical lows forever”.

Built in 1937, the apartment buildings on two separate parcels contain 14,133 of rentable sq. ft. and are situated on an 18,000+ sq. ft. lot. The units feature high ceilings, fireplaces, hardwood floors, and has been well maintained.

This fashionable neighborhood of West Hollywood is in close proximity to the famous Sunset Strip, the Sunset Laurel Plaza, Whole Foods, Trader Joes, 24 Hour Fitness and the Red Line metro.

About NAI Capital

Contact: Sharon Fitzgerald, Public Relations, 818.742.1655 sfitzgerald@naicapital.com

NAI Capital Sells 30 Unit Multifamily Property in L.A. for $1.6M

NAI Capital — Wed, 17 Oct 2012 23:13:49 +0000

LOS ANGELES, CA – Michael Dixon and Ziv Kozaski represented the Seller, CRP Properties, Inc., in the sale of a 30 unit multifamily property located at 722 S. Bonnie Brae Street to the Buyer, John Hay. The property had recently reverted to the beneficiary and was being sold as an REO. Despite all the talk of a bad economy there are very few REO’s. Many owners have had their loans modified and have avoided foreclosure. The Buyer’s outside brokerage was Golden Shield Mortgage and the value of the sale was over $1.6 million.

“This property was enormously popular and attracted multiple interested parties, the property was listed for sale at $1,625,000. Within 2 weeks of listing there were over 10 all cash offers at $1,550,000 or above. Currently there’s a high demand for REO bank owned foreclosure multifamily properties in Los Angeles, and our Dixon/ Kozaski team knows how to market them and identify a buyer quickly,” said Dixon.

This 30 unit property, built in 1911, features large units, one penthouse and was in good condition. There were only 9 vacant units at time of sale. The units are all separately metered for gas and electric. Location was a huge selling feature of this property with its close proximity to USC, Downtown Los Angeles, and the Wilshire District.

About NAI Capital

Contact:Sharon Fitzgerald, Public Relations, 818.742.1655 sfitzgerald@naicapital.com

NAI Capital Sells 16 Unit Apartment Building in Mar Vista for $3.5M

NAI Capital — Wed, 26 Sep 2012 22:34:59 +0000

MAR VISTA, CA – Kevin Kawaoka with NAI Capital’s West L.A. office represented the Buyer, Revere Investments, in the purchase of a 16 unit apartment building located at 3974 Moore Street from the Seller, a private trust. The value of the sales transaction was $3.5 million.

“This was a perfect value-added acquisition for the Buyer, Revere Investments. They plan to make capital expenditures, rehab the units, and reposition this asset in order to maximize the NOI. This was a challenging deal due to the number of vacancies while under contract. Through coordinated efforts, the building was stabilized and the buyer was able to secure funding to complete the transaction,” said Kawaoka.

The 16 unit property is very well maintained and resides in a highly desirable area of West L.A. in close proximity to both Penmar Recreation Center and the Santa Monica Airport Park. The property, built in 1987, has all two bedroom units with private balconies and gated garage parking. As part of the value added deal, the entire property will undergo extensive renovations including new landscaping, kitchens and baths.

The property is located in the beach community of Mar Vista and in close proximity to Marina Del Rey and the Santa Monica hills. Surrounded by its beautiful scenery of beach and hills as well as great access to both 405 and 10 freeways makes this property very attractive to new and current tenants.

About NAI Capital

###

NAI Capital Sells Prime Echo Park Development Site on Sunset Boulevard.

NAI Capital — Fri, 24 Aug 2012 20:40:03 +0000

Echo Park, CA — NAI Capital’s Tim Steuernol and Rob Zaharia with the West L.A. office represented the Seller, Sunset Landmark LLC, and the Buyer, Sunset Space Provisions LLC, in the sale and purchase of a 10,542 SF piece of entitled vacant land located at 1315 W. Sunset Blvd. for $820,000. Then next door at 1313 W. Sunset Blvd., they represented the Seller, Joe & Martha Anguiano, and the same Buyer in the sale and purchase of a two unit multifamily property on 7,144 SF of land for $445,000. The value of the combined transactions was over $1.2M. The new owners are architects and developers who plan to utilize both properties to build a 27 unit multifamily apartment building.

“After initially listing 1315 W Sunset Blvd, a 10,542 SF development site, we were able to create additional value and marketability by listing and adding the adjacent property at 1313 W Sunset Blvd, a 7,144 SF parcel with an existing duplex. 1315 W. Sunset Blvd had previously been on the market with other firms for several years without being sold. Marketing the combined parcels increased the lot size and created excellent frontage on Sunset Blvd which allowed for a more substantial multifamily project to be built. The location is directly in the path of progress and sits along one of the last pockets on Sunset Blvd in Echo Park that is seeing revitalization. The site benefits from its close proximity to Dodger Stadium. The immediate area is experiencing a tremendous uptick in new and planned construction, and it is a hotbed for commercial investments in Los Angeles. The assets closed within 45 days, all cash, to one buyer. A prime example of brokers finding a way to get a deal done,” Tim Steuernol.

The property is located in the Echo Park Neighborhood of Los Angeles. It’s strategically located on Sunset Blvd which is a highly trafficked corridor with over 60,000 cars per day. The property is within walking distance to restaurants, parks, bus stops, and markets. Dodger Stadium is directly to the east, Downtown Los Angeles is less than two miles to the south, Echo Park Lake is less than a mile to the west, and Atwater Village is to the North. The 101, 110 & 5 freeways are all within a short distance to the property. Currently there are several new construction projects in the area.

About NAI Capital

NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840

###