A 30-unit multifamily property at 7203 Rubio Ave. in the Lake Balboa neighborhood of Van Nuys has changed hands in its first sale since completion in 2013. Marcus & Millichap brokered the transaction, which involved the disposition of the newer-vintage apartment asset and the placement of acquisition financing for the buyer. The property sold for $9.5 million, translating to $316,667 per unit.
Marcus & Millichap Capital Corporation, a subsidiary of Marcus & Millichap, arranged $6,223,000 in acquisition financing in connection with the sale. The financing package included a five-year loan sized to 67% loan-to-value and was provided by a national bank. According to the firm, the loan carries a competitive interest rate and a 30-year amortization schedule, aligning the debt structure with long-term multifamily ownership objectives.
Neema Ahadian, senior managing director investments with Marcus & Millichap, noted that bringing the asset to market for the first time since its 2013 construction generated substantial investor attention. Over the course of a structured marketing campaign, the team conducted eight property tours and received five competitive offers. The selected buyer proceeded to closing without seeking price reductions or credits during escrow, reinforcing pricing certainty for the seller.
Ahadian and Leonardo Laterza, investment specialists in Marcus & Millichap’s Los Angeles office, marketed the Lake Balboa property on behalf of the seller, described as a local developer, and also procured the buyer, identified as a local private investor. The building’s status as a newer-vintage multifamily asset not subject to the Los Angeles Rent Stabilization Ordinance was cited as a key point of appeal for investors evaluating the opportunity.
On the capital markets side, Danny Abergel, executive managing director, capital markets, and also based in Marcus & Millichap’s Los Angeles office, worked on the financing assignment for the buyer. The combination of a competitive sale process, no retrade in escrow, and bank-provided acquisition financing underscores ongoing investor and lender interest in well-located, non-rent-stabilized multifamily properties in the Lake Balboa area of Van Nuys.
