PACOIMA, Calif.–(BUSINESS WIRE)–#Apartments—The Mogharebi Group (TMG), a leading multifamily brokerage firm in California, has completed the sale of Branford Villas, a 100-unit community that is located on Branford Street in Pacoima, Los Angeles, CA. The property sold with multiple offers for a sales price of $23.525 million. The buyer was a Los Angeles based private investor.
“Due to the desirable 1987 construction, strong unit mix with 68% two-bed / two-bath units, and upside with a proven value-add program, there was significant interest in this deal,” says Otto Ozen, Executive Vice President of TMG. “This community presented an unusual opportunity to acquire a low density, high quality asset with below market rent in the San Fernando Valley. Although Branford Villas was recently placed under new professional management that was improving the operations, Branford Villas had suppressed income due to years of mismanagement by prior owners, which made financing difficult. It took a special buyer to realize its full potential and aggressively step up to close this deal.”
Built in 1987, Branford Villas is a two story, 100-unit garden apartment community that is located along the north side of Branford Street in the Pacoima neighborhood of Los Angeles, CA. The property comprises eight residential buildings, totaling 81,492 rentable square feet. The complex is situated on a 3.95-acre site for a comfortable density of 25.3 units per acre. The apartment homes feature spacious one and two-bedroom floor plans with an average size of 815 square feet. The property features a large sparkling outdoor pool with a relaxing spa, three laundry centers, two tot lots, a leasing office with two large suites, elevators, garden / courtyard with walkways, and controlled access.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, a fully integrated platform, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
For more information visit: Mogharebi.com.