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Monday, May 23, 2022

Affordable Housing Asset in Sylmar Sells for $29.4 Million

A 200-unit affordable housing complex in Sylmar has sold for $29.4 million, or $147,000 per unit.Built in 1964 and renovated in 1999, Mountain View Manor covers more than 4 acres at 12960 Dronfield Ave. and offers a mix of studio, 1-, 2- and 3-bedroom units averaging 768 square feet.Covering 176,704 square feet, the property includes six buildings, two common areas, three laundry facilities and two swimming pools.Compass Commercial Senior Vice President Shaya Braverman and Compass associate Brendan Brown represented buyer Positive Investment and seller 21 Alpha Group in an off-market transaction.Mountain View Manor last changed hands in 2018, when it was purchased for $30.5 million, or $149, 264 per unit. At the time, the multifamily asset featured a total of 204 units.

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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