Steven Goldstein, vice president of multifamily investment sales at Northmarq’s Los Angeles office, recently facilitated the $16.3 million sale of a 52-unit apartment community in Reseda. The property, located at 18325 Saticoy St., was built in 1989 and offers a mix of two- and three-bedroom units.
The buyer, an investor based in Los Angeles, was represented by Northmarq while the seller remains undisclosed.
According to Goldstein, the San Fernando Valley has proven to be a resilient submarket within Greater Los Angeles. Its affordability compared to homeownership and continued job growth have made it an attractive location for tenants. Additionally,the property’s large size and desirable amenities make it even more appealing.
Conveniently situated near dining options as well as shopping centers and recreational activities,the residents also have access to public transportation through Reseda Station,and major freeways such as the405and101.
The recent sale of a low-rise multifamily property located at 18325 Saticoy St.in Reseda has been successfully brokered by Steven Goldstein,Vice Presidentof Multifamily Investment SalesatNorthmarq’sLosAngelesoffice.The transaction amountedto$16.3millionandinvolveda52-unitapartmentcommunitybuiltin1989thatfeaturesbothtwo-andthree-bedroomapartments.Northmarqhasservedastherepresentativeforthebuyerwhilethesellerremainsunidentifiedbyname.
GoldsteinstatedthatdespitethechallengesfacedbythegreaterLosAngelesarea,theSanFernandoValleycontinuestobeanexceptionallyresilientsubmarket.Tenantsareincreasinglydrawntothislocationduetoitsaffordabilitycomparedtohomeownership,growingjobopportunities,andconvenientaccessibility.Inparticular,thispropertystandsoutduetothelargephysicalplant,itsoversizedunits,anditsdesirablein-unitandcommonareaamenities.
Theapartmentcommunityisstrategicallysituatednearvariousdining,shopping,andrecreationoptions.ResidentscanalsoeasilyutilizepublictransportationsuchastheResedaStationaswellasmajorfreewaysincludingthe405and101.
