Lake Balboa Multifamily Property Trades for $10.1 Million
Michael Howard sells 31-unit multifamily property in Lake Balboa to undisclosed buyer for $10.1 million with the help of Yoni Salem and Jeff Louks of Marcus & Millichap.
A 31-unit multifamily property located at 15928 Vanowen St. in Lake Balboa has been sold for 10.1 million. The seller, Michael Howard, was represented by Yoni Salem and Jeff Louks of Marcus & Millichap. The undisclosed buyer acquired the property at a price per unit of 325,806 and a price per square foot of $349.
The property, which spans 28,928 square feet, consists of one- and two-bedroom units. It is located in a desirable area of Lake Balboa, which is known for its parks, recreational facilities, and easy access to major freeways.
According to Yoni Salem, the property generated significant interest from investors due to its strong location and value-add potential. He noted that the property was well-maintained but could benefit from upgrades to the units and common areas.
Jeff Louks added that the sale of this property is indicative of the strong demand for multifamily properties in the Los Angeles market. He noted that investors are attracted to the stable cash flow and long-term appreciation potential of multifamily properties.
The sale of this property is a testament to the strength of the multifamily market in Los Angeles. Despite the challenges posed by the COVID-19 pandemic, demand for multifamily properties remains high. With interest rates at historic lows and a shortage of affordable housing in many areas, investors are eager to acquire well-located multifamily properties with value-add potential.
Overall, the sale of this property is a win-win for both the buyer and the seller. The buyer acquires a well-located multifamily property with significant upside potential, while the seller realizes a strong return on investment. As the Los Angeles multifamily market continues to thrive, we can expect to see more deals like this in the future.