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Thursday, Mar 28, 2024

$23.5M Buys Pacoima Apts.

The 100-unit apartment complex Branford Villas in Pacoima has sold for $23.5 million. The property consists of eight buildings at 12711 Branford St. totaling 81,492 rentable square feet on nearly 4 acres. Alex Mogharebi and Otto Ozen of the Mogharebi Group, a Costa Mesa-based multifamily brokerage, represented both the Simi Valley-based private seller and the undisclosed private investor from Los Angeles who bought the complex. The two-story property features one- and two-bedroom floor plans with an average size of 815 square feet. The site also features pool with spa, three laundromats, a pair of tot lots, courtyard and garden with walkways. “This community presented an unusual opportunity to acquire a low-density, high-quality asset with below market rent in the San Fernando Valley,” Ozen said in a statement. “Although Branford Villas was recently placed under new professional management that was improving the operations, (it) 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.” Pacoima has seen its share of headlines in recent months, most notably with the Aug. 1 grand opening of Quixote Studios’ North Valley project, a $25 million facility.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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