LOS ANGELES, Nov. 9, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) has been appointed as exclusive advisor for three multifamily properties in Los Angeles: Stillmore Apartments and Oaktree Apartments in Santa Clarita, and Tamarind Terrace Apartments in Hollywood. The assets may be purchased individually or on a multi-property basis.
“All three properties have been owned and operated by the same family for more than 25 years,” says Greg Harris, executive director. “Each one will provide new ownership with a tremendous opportunity to add value and enhance revenue.”
Greg Harris, Ron Harris, executive director, and Kevin Green and Joseph Grabiec, senior directors, are representing the seller.
“These investment assets are located in submarkets with solid multifamily fundamentals such as strong population growth, low unemployment, high median household income and low vacancy,” states Ron Harris.
“Stillmore Apartments and Oaktree Apartments are located within the supply constrained Santa Clarita Valley and Tamarind Terrace Apartments is one of only two apartment communities greater than 100 units located in the Hollywood Hills north of Franklin Avenue,” comments Green.
The properties in the portfolio are:
• Stillmore apartments, a 10-building, 130-unit multifamily community built in 1977 on approximately 4.3 acres in Santa Clarita’s Canyon Country neighborhood
• Oaktree Apartments, a 148-unit, eight-building apartment complex built in 1988 on 4.6 acres and located near the Westfield Valencia Town Center and the 5 and 14 freeways
• Tamarind Terrace Apartments, a 112-unit apartment community built in 1974 on more than one acre in the Hollywood Hills, located within walking distance of the Franklin Village neighborhood