LOS ANGELES — November 8, 2019 — Berkadia today announced the $30 million sale of Villa Grande, a 78-unit multifamily property in Los Angeles. Managing Director Vince Norris and Associate Director Eric Norris of Berkadia’s Los Angeles office completed the sale on behalf of the seller, a private entity based in Los Angeles, and the buyer, Palm Villa Townhome Complex LLC, also based in California. The deal closed on October 31.
“Villa Grande Townhomes offered a near turn-key opportunity, as it has undergone extensive capital improvements over the last four years,” said Vince Norris. “The seller completed a full remodel of the leasing office, painted the exterior of the building, upgraded the landscaping, repaired the roofing, and upgraded 68 of the units, including the installation of full-size washer and dryers in each unit. Investors clearly saw massive potential in this asset, as the property was under contract within 9 days of our initial marketing campaign.”
Built in 1987, Villa Grande Townhomes is a 78-unit apartment community comprised of 73 two-bedroom and 5 three-bedroom townhomes that average 1,057 square feet. All units come with private two-car garages and full-size washers and dryers. Residents are afforded convenient access to the shops and restaurants along Reseda Boulevard and the area’s large employer community comprised of over 5,000 business. The largest and most significant employment hub in the Reseda-area is the Warner Center. Located in Woodland Hills, Warner Center is the 5th largest employment hub in Los Angeles, and supports over 50,000 daytime jobs and upwards of 7 million square feet of Class-A office space.