Lee & Associates Transacts $7.8 Million Multifamily Sale
Torrance, CA – February 8, 2012 – (RealEstateRama) — Jeff McGuire, a principal with Lee & Associates-LA North/Ventura, Inc., represented the buyer and seller in the sale of Wood Creek Apartments for $7.8 million. The 71-unit property, at 20311 Sherman Way in Winnetka, Calif., sold at $161 per square foot, and a GRM (gross rent multiplier) of 9.26.
“The per-square-foot price and GRM achieved are very high for a rent controlled property in this market,” said McGuire. “But we believe that the current, below-market rents and the value add opportunity this asset affords warranted the purchase price.”
The building, which was 100 percent occupied at the time of the sale, includes a mix of 9 bachelor/1 bath, 45 1-bedroom/1 bath, 12 2-bedroom/1 bath, and 5 2-bedroom/2 bath units. The property sits on a signalized corner and includes 142 parking spaces with secured access.
The buyer 4400 Troup Hwy, LP acquired the property in a 1031 Exchange. The seller was IFT Properties, LLC.
This is the third time that McGuire has transacted the sale of the building.
About Lee & Associates – LA North/Ventura, Inc.
Celebrating more than 30 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 45 offices in California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and ma rket research. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800 or visit us online at www.lee-associates.com.
