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Monday, May 29, 2023

Reseda Apartment Building Sells for Nearly $3 million

A 30-unit apartment building in Reseda has sold for $2.9 million, or nearly $100,000 per unit, making it the largest per-door transaction in the submarket this year. The building, at 7123 Etiwanda Ave. near Sherman Way, was sold to a private family limited partnership for just under the $3 million asking price, according to brokerage Marcus & Millichap. Michael Hanassab, Elliot Hassan and Neema Ahadian, all of Marcus & Millichap’s West Los Angeles office, represented both the buyer and the seller in the deal, which closed March 1. The property comprises 29 one-bedroom units and one two-bedroom apartment. It was built in 1976, and this is the first time the property has been on the market. Most of the units were previously converted from studio units to one-bedrooms. “Our approach, targeting exchange buyers, helped us source a first-time multifamily investor who purchased this all cash and avoided any potential issues in underwriting, as most units were converted without permits,” the brokerage firm said in a statement. The building was fully leased at the time of the sale.

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