Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $6.4 million sale of Astoria Oaks, a 29-unit apartment property located at 13983 Astoria Street in Sylmar, California.
Stepp Commercial’s Senior Vice President Mark Ventre and Executive Vice President Darin Beebower represented the seller and the buyer, both San Fernando Valley-based private investors. The price per unit was approximately $221,000, and the closing cap rate was 4.87 percent.
Built in 1979, the three-story, 20,731-square-foot property is situated on a .54-acre land parcel and includes a gated entry, laundry facilities, grill area and on-site property manager. Astoria Oaks was fully occupied upon close of escrow and features 23 one-bedroom units and six two-bedroom units with a number of upgraded interior finishes including hardwood and tile floors and granite countertops.
“At $309 per square foot, this sale garnered the highest price per square foot ever paid for any apartment building in Sylmar,” said Ventre. “This was an attractive asset because there is no L.A. City rent control, the required seismic retrofit has been completed, and the asset provided immediate cash flow and future upside in rents.”
Beebower added, “Astoria Oaks is within a workforce housing submarket that consistently experiences low vacancy rates. With the majority of the units being one-bedroom floorplans, which are in high demand, there is rarely any downtime when units become available.”