$11.5 million sale of and $7.27 million financing for 49-unit apartment community in Los Angeles area arranged by HFF
LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $11.5 million sale of and arranged $7.27 million in financing for Villa Toscana, a 49-unit, Mediterranean-style apartment community in Canoga Park, California.
HFF marketed the property on behalf of the seller, a joint venture between Pacific Crest Realty and a private equity investment partner. The property was purchased free and clear of existing debt by Gresham Villa Toscana, LLC, a new entity controlled by Plutsky Limited Partnership. HFF worked on the buyer’s behalf to place the five-year, fixed-rate, 20-year term acquisition loan with Freddie Mac’s small balance loan program at a rate of 2.88 percent.
Villa Toscana is located at 20918 Gresham Street in the San Fernando Valley approximately 27 miles northwest of downtown Los Angeles. Completed in 2003, the non-rent controlled property features one-, two- and three-bedroom units averaging approximately 960 square feet each. The community features a swimming pool, fitness center, courtyard area, assigned garage parking and gated access. The asset provides nearby access to two of Los Angeles County’s largest shopping malls – Westfield Topanga and Westfield Promenade – as well as the soon-to-be-completed $350 million Westfield Village lifestyle center, which will connect the two existing malls.
The HFF investment sales team representing the seller was led by director Blake Rogers.
HFF’s debt placement team representing the buyer was led by director Marc Schillinger.
About Pacific Crest Realty
Pacific Crest Realty (PCR) is a multifamily investment and property management firm based in Los Angeles, California. Founded in 1995 by Dan Tenenbaum, PCR has acquired real estate holdings focused on the multifamily industry valued at more than $145 million.
About Plutsky Limited Partnership
Plutsky Limited Partnership (PLP) is a multifamily investment company based in Los Angeles, California. The general partner of PLP, Melvin Plutsky, has been acquiring and managing multi-family properties through its affiliate KLS Financial in the Los Angeles area for more than thirty years.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.