Marcus & Millichap announced the sale of Canoga Island Village, a 160-unit garden-style apartment community in Canoga Park, Calif.
The asset commanded a sales price of $16.55 million with a 4.27 percent market capitalization rate.
Canoga Island Village is located at 8838 Independence Ave. in Canoga Park in the West San Fernando Valley. The community was constructed in 1963 with approximately 129,683 rentable square feet on 5.21 acres.
The unit mix includes eight one-bedroom/one-bath junior apartments at 550 square feet, 72 one-bedroom/one-bath units at approximately 715 square feet, eight one-bedroom/one-bath townhomes at 800 square feet and 72 two-bedroom/one-bath units at 960 square feet. Each unit includes a covered parking space and a storage unit. The property offers residents an excellent amenity package that includes two swimming pools, controlled-access gates and nightly security patrol service.
John Walsh, vice president of investments in the firm’s Encino office, represented both the buyer and the seller in the transaction. Both the buyer and seller are Southern California-based private investors.
Encino, Calif.-based Marcus & Millichap Real Estate Investment Brokerage Co. is a commercial real estate brokerage that focuses exclusively on real estate investments.
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