Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Granada Pointe Townhomes, a 52-residence multifamily asset in the Granada Hills neighborhood of Los Angeles. The property sold for $21.5 million, which equates to $413,462 per unit. Marcus & Millichap Capital Corp. (MMCC), secured $10.75 million in acquisition financing.
“The transaction provides the new owner with a recent vintage, free-market asset in a submarket where multifamily properties rarely become available,” says Catherine Obrien, a senior associate in Marcus & Millichap’s Encino office.
Obrien represented the seller and procured the buyer, a Los Angeles-based high-net-worth individual. Ronald Balys, a director with MMCC, arranged 10-year financing fixed at 4.25 percent.
Built in 2010, Granada Pointe Townhomes is situated on nearly 100,000 square feet of park-like grounds in Granada Hills, an affluent neighborhood in the San Fernando Valley. Each residence has two bedrooms, two bathrooms, and a garage with laundry and storage. Floor plans range from 1,354 square feet to 1,601 square feet.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.