Institutional Property Advisors closes $106.7m multifamily asset sale in Southern California
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Summerset Village, a 280-unit multifamily property located in the foothills of the Santa Susana Mountains in Chatsworth, Calif. The $106.65 million sale price equates to $380,893 per unit.
“Well-maintained by an institutional owner for over 25 years, Summerset Village is one of only 10 multifamily properties with 200 units or more in the Northwest San Fernando Valley built since 1980,” said Kevin Green, executive managing director at IPA. “The submarket has experienced 25 percent rent growth over the last 24 months while maintaining occupancy over 96 percent.”
IPA represented the seller and procured the institutional buyer.
Summerset Village is within a 10-minute drive of premium retail centers in the San Fernando Valley, including The Vineyards at Porter Ranch, Northridge Fashion Center, Westfield Topanga and Warner Marketplace. Chatsworth is home to more