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Saturday, Jul 2, 2022

Sylmar Apartment Building With In-Demand Units Sells for $6.4 Million

A 29-unit multifamily property has sold for $6.4 million in Sylmar.Astoria Oaks, an apartment complex located at 13983 Astoria St., traded for $221,000 per unit. Built in 1979, the three-story, 20,731-square-foot building is situated on a half-acre parcel and includes a gated entry, laundry facilities, grill area and on-site property manager.Astoria Oaks was fully occupied upon close of escrow and features 23 one-bedroom units and six two-bedroom units.Stepp Commercial’s Senior Vice President Mark Ventre and Executive Vice President Darin Beebower represented the seller and the buyer, both San Fernando Valley-based private investors.“At $309 per square foot, this sale garnered the highest price per square foot ever paid for any apartment building in Sylmar,” said Ventre in a statement. “This was an attractive asset because there is no L.A. city rent control, the required seismic retrofit has been completed, and the asset provided immediate cash flow and future upside in rents.”Beebower added: “Astoria Oaks is within a workforce housing submarket that consistently experiences low vacancy rates. With the majority of the units being one-bedroom floorplans, which are in high demand, there is rarely any downtime when units become available.”

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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