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Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the successful closing of 9733 Topanga Canyon, a 119-unit multifamily property located in the Chatsworth neighborhood of Los Angeles. The asset sold for $44 million, equating to approximately $369,748 per unit.
“9733 Topanga Canyon was acquired to satisfy a 1031 exchange,” said Kevin Green, executive managing director at IPA. “The buyer sought a high-quality, stabilized asset in a market with strong fundamentals and long-term growth potential.”
Green, along with IPA colleagues Joseph Grabiec and Gregory Harris, represented the seller, a private multifamily investment firm. The buyer, Amoroso Companies, was also procured by the IPA team. Additionally, Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged $27.4 million in agency financing for the acquisition.
“The financing structure we arranged allowed the buyer to lock in long-term fixed-rate debt and execute a smooth 1031 exchange within a tight timeline,” noted Chalfant. “Lenders continue to show strong appetite for high-quality multifamily assets in core Los Angeles submarkets.”
This transaction underscores the continued investor interest in stabilized multifamily properties within core Los Angeles neighborhoods, illustrating the region’s enduring appeal and robust market fundamentals.
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