In a successful transaction, Institutional Property Advisors (IPA), a division of Marcus & Millichap, has sold Summerset Village for $106.65 million. The 280-unit multifamily property is situated in the foothills of the Santa Susana Mountains in Chatsworth and was purchased by an institutional buyer.
According to IPA executive managing director Kevin Green, Summerset Village stands out as one of only ten multifamily properties with over 200 units built since 1980 in the Northwest San Fernando Valley. With an occupancy rate above 96%, this well-maintained property has been owned by institutions for more than two decades and recently experienced a rent growth of approximately 25% within just two years.
Green along with Joseph Grabiec and Gregory Harris from IPA represented the seller while also procuring the institutional buyer. As per Grabiec’s statement, luxury housing communities consisting of at least fifty units are scarce in Chatsworth which makes large value-add assets like Summerset Village highly desirable after renovation.
Built back in 1986, Somerset Village comprises thirty-nine residential buildings spread across two stories each.
