28 Units | Sylmar | Buyer Assumed Seller's Loan
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The successful sale of 28 units located at 13266 Foothill Blvd in Sylmar, California. This pocket of Sylmar is one of the most rapidly improving areas of the East San Fernando Valley and is home to a number of new exciting developments. The most exciting of which being the new East San Fernando Valley LRT (Light Rail Transit) project which will include 14 on-grade stations arranged to easily connect the East and West Valley, and allowing easy connections to Westside cities and DTLA.
The subject property, built in 1985, sits on a 23,920 SqFt lot (0.55 Acres) with a total building area of 28,285 SqFt, and presented the buyer a great unit mix of (6) 1-Bed / 1-Bath units and (22) 2-Bed /2-Bath units. The property is not subject to LA rent control, but it is subject to California's newly adopted AB-1482 where the landlord can increase rents by 5% + CPI on an annual basis.
DEAL STORY
We listed this property just over two months ago in early March 2021 for $7.5M. With our unmatched marketing platform, we were able to generate multiple offers within the first two weeks of marketing.
The Seller had a large prepayment penalty on his loan with Chase Bank, however we were able to find a buyer who was willing to assume the seller's current loan, which saved the seller approximately $130,000 in prepayment penalties. We even had higher offers than $7,300,000, but those buyers did not want to assume the seller's loan, which meant those higher priced offers were actually lower for the seller's net proceeds.
The successful sale of 28 units located at 13266 Foothill Blvd in Sylmar, California. This pocket of Sylmar is one of the most rapidly improving areas of the East San Fernando Valley and is home to a number of new exciting developments. The most exciting of which being the new East San Fernando Valley LRT (Light Rail Transit) project which will include 14 on-grade stations arranged to easily connect the East and West Valley, and allowing easy connections to Westside cities and DTLA.
The subject property, built in 1985, sits on a 23,920 SqFt lot (0.55 Acres) with a total building area of 28,285 SqFt, and presented the buyer a great unit mix of (6) 1-Bed / 1-Bath units and (22) 2-Bed /2-Bath units. The property is not subject to LA rent control, but it is subject to California's newly adopted AB-1482 where the landlord can increase rents by 5% + CPI on an annual basis.
DEAL STORY
We listed this property just over two months ago in early March 2021 for $7.5M. With our unmatched marketing platform, we were able to generate multiple offers within the first two weeks of marketing.
