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Wednesday, Jul 6, 2022

Sylmar Apartments Fetch $14 million

Vista Ridge Apartment Homes, an 81-unit apartment complex in Sylmar, has traded hands for $14.3 million. The building at 13500 Foothill Blvd. was purchased by Hillfoot LLC in Los Angeles from Benedict Canyon Equities Inc. of Sherman Oaks. Ronald Harris, executive vice president investments in the L.A. office of Marcus & Millichap, represented the seller. “Vista Ridge’s location, size, amenity package and value-add opportunities combine to form a commercial real estate investment that is well-positioned to provide strong returns over the long term,” he said in a statement. Vista Ridge is an eight-building community in an area composed predominantly of single-family homes. The property features recently replaced roofs, new exterior lighting and signage and newly landscaped barbecue areas with built-in gas grills and seating. Marcus & Millichap’s Rick Raymundo, vice president of investment, and senior associates Paul Darrow and Michael DiSimone, shared the listing.

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