Four apartment properties in the San Fernando Valley have been sold by long-term owners in separate transactions totaling more than $57M. Berkadia's Dean Zander and Vince Norris handled the listings for the properties, which total 269 units.
The dynamic duo closed the deals over a three-week period. Dean (with wife Kristina, daughter Georgia and son Drake in Kauai last month) notes each seller's motivation was different, but the deals all underscore investors' appetite for multifamily product in strong submarkets like the SF Valley. All four properties boast close proximity to major employment, transportation, recreation and entertainment options, along with upside potential. Essential Management bought the 37-unit South Seas Apartments on Saticoy Street in Reseda—known as the setting for the 1984 hit The Karate Kid—from a private seller. The brokers wax on that the buyer plans to renovate the units and common areas, and retrofit the parking area.