Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Summerset Village, a 280-unit multifamily property located in the foothills of the Santa Susana Mountains in Chatsworth, California. The $106.65 million sale price equates to $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.”
Summerset Village is within a 10-minute drive of premium retail centers in the San Fernando Valley, including The Vineyards at Porter Ranch, Northridge Fashion Center, Westfield Topanga, and Warner Marketplace. Chatsworth is home to over 22 million square feet of office, industrial, and flex space, and there are 1 million-plus jobs in nearby Warner Center, Burbank, Glendale, Pasadena, Hollywood, West Los Angeles, and Ventura County.
Completed in 1986, the asset has 39 two-story residential buildings, two solar-heated swimming pools, two hot tubs, a beach volleyball court, and direct access to hiking trails. Apartments have full-size washers and dryers and panoramic views. Select units have fireplaces, wrap-around patios, and direct access garages.
