Lee & Associates recently negotiated the sale of Villa Grande, a 78-unit townhome community in Reseda, Calif.
The value of the transaction was $18.3 million.
The property, which was fully leased at the time of sale, is comprised of five buildings on 2.3 acres located at 18641 Saticoy St. According to Lee & Associates, Villa Grande offers 73 2-bed/1.5-bath units (approximately 1,003 square feet) and five 3-bed/2.5-bath units (approximately 1,100 square feet), as well as gated access entry, washer/dryer connections, air-conditioning, balconies/patios, gas fireplaces and attached two-car garages.
Carmel Partners, a national, full-service real estate company, purchased the property from Grande Villas LLC.
“This premier multifamily property offers the buyer an opportunity to expand the firm’s presence in the San Fernando Valley,” said Jim Fisher, principal in Lee & Associates’ Sherman Oaks office. “Carmel Properties will offer current Villa Grande residents a superior living environment and plans on completing renovations in the near future.”
Lee & Associates provides commercial real estate services in California, Arizona, Nevada, Missouri, Illinois, Michigan, New Jersey, Texas and Wisconsin.