The Astaire

06-16-2022
06-27-2022

11850 Riverside Dr, Valley Village, CA 91607

PRIME SAN FERNANDO VALLEY LOCATION
The Astaire is a 72-unit (1 Studio (ADU), 29 1x1s, 27 1x1 Dens, & 15 2x2s averaging 884 SF) garden-style apartment community in Valley Village, one of the premier multifamily submarkets of the San Fernando Valley. In Valley Village, 70% of the population are renters, market rent growth is projected to be 6.87% over the next 12 months, and average occupancy is expected to remain at or above 96% for the foreseeable future according to CoStar.

PROVEN VALUE-ADD OPPORTUNITY
Current ownership has renovated 41 of 72 Units and achieved significant rental premiums post-renovation. By following this proven renovation strategy, investors can capture 30%+ upside in rental income via renovation premiums and loss-to-lease capture.

FIXED RATE, ACCRETIVE LOAN ASSUMPTION
Buyers can assume the attractive in-place financing (57% LTV at 2.68%) with 8.5 years to maturity and 6.5 years of interest only period remaining.

SUBSTANTIAL IMPROVEMENTS HAVE ALREADY BEEN COMPLETED
Current ownership has completed significant improvements including a new roof, upgrades to the electrical, full modernization to elevators, landscaping, signage, exterior paint, hallways, exterior lighting, and the addition of one ADU.

EASY ACCESSIBILITY TO EMPLOYMENT
Major employment centers such as North Hollywood, Hollywood, Burbank, Glendale, West Hollywood, and Downtown LA are all accessible within 20-30 minutes from Valley Village.

STRONG SUBMARKET DEMOGRAPHICS
Average household incomes are nearly $115,000, 35% of the population earns more than $100K annually, and 55% of the population is college-educate.

Property Description

Institutional Property Advisors, as the exclusive listing agent, is pleased to present the opportunity to acquire The Astaire (the "Property"), a 72-unit multifamily community located in the premier San Fernando Valley neighborhood of Valley Village, California.

Originally constructed in 1970, current ownership has spent significant capital on upgrades to property systems, common area amenities, and 57% of the unit interiors. Many of the Property’s mechanical systems and building improvements have been addressed including a new roof, upgrades to the electrical, modernization to elevators, landscaping, signage, exterior paint, hallways, exterior lighting, and the addition of one ADU. 41 of the 72 units have been extensively upgraded
with new cabinetry and hardware, new appliances, plank vinyl flooring, hard surface countertops, backsplash, and upgraded lighting and plumbing fixtures. Investors will have the opportunity to implement this proven interior renovation strategy in the remaining 31 units and capture 30%+ upside in rental income via renovation premiums and loss-to-lease capture. Furthermore, the attractive
in-place debt (57% LTV at 2.68%) offers positive leverage and a 4.41% cash-on-cash return upon closing.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
Studio ADU (Renovated) 1 619 $ 1,900
1x1 10 860 $ 1,372
1x1 Renovated 19 860 $ 1,993
1x1 Den 15 870 $ 1,435
1x1 Den (Renovated) 12 870 $ 2,108
2x2 6 975 $ 1,938
2x2 (Renovated) 9 975 $ 2,424

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 26,325,000
No. of Units
72
Year Built
1970
Building Size
77,555 Sq ft
Lot Size
37,897.2 Sq ft
No. of Stories
4
APN
2355-019-019
No. of Parking Spots
88
Opportunity Zone
Off
Price per unit
$ 365,625
View broker details
Sign in to use the inquiry form

34.157214, -118.391572

Similar Properties in the area