LOS ANGELES–(BUSINESS WIRE)–$mmi #agencyfinancing—Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company’s institutional clients, announced the sale of 9733 Topanga Canyon, a 119-unit multifamily property in the Chatsworth neighborhood of Los Angeles, California. The property sold for $44 million, which represents $369,748 per unit.
“9733 Topanga Canyon was acquired to satisfy a 1031 exchange,” said Kevin Green, IPA executive managing director. “The buyer sought a high-quality, stabilized asset in a market with strong fundamentals and long-term growth potential.” Green, Joseph Grabiec, and Gregory Harris of IPA represented the seller, a private multifamily investment firm, and procured the buyer, Amoroso Companies. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged $27.4 million in agency financing. “The financing structure we arranged allowed the buyer to lock in long-term fixed-rate debt and execute a smooth 1031 exchange within a tight timeline,” said Chalfant. “Lenders continue to show strong appetite for high-quality multifamily assets in core Los Angeles submarkets.”
The property is under two miles from Topanga Canyon Boulevard and California State Route 118. The Warner Center, one of the largest employment centers in San Fernando Valley, is five miles from the property and MGA Entertainment’s headquarters is nearby. Shopping and entertainment are close by at The Vineyards at Porter Ranch, Westfield Topanga, and the Northridge Fashion Center. “Average multifamily occupancy in Chatsworth is currently over 95%, and single-family homes in the neighborhood adjacent to the community are valued between $1 million and $2 million,” said Grabiec.
Constructed in 2009, 9733 Topanga Canyon has a large central courtyard, swimming pool, spa, dog run, package receiving lockers, and covered bike storage. Apartments have open floor plans, nine-foot ceilings, full-size stackable washers and dryers, breakfast bars, and private balconies. The average unit size is 1,060 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.
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