A four-property apartment portfolio in Reseda has sold for $6.7 million.
The Crossings on Amigo was purchased last week by Alexia Properties LLC from UHC 00402 Reseda LP, according to Daniel Withers, vice president at the Woodland Hills office of Hendricks Berkadia Inc.
The apartment properties on the 7200 block of Amigo Avenue just west of Reseda Boulevard add up to about 41,000 square feet and 60 units. The properties were constructed between the early 1960s and late 1970s.
“The sellers felt that it was a great time in the marketplace to dispose of this asset and reposition their equity into other business ventures,” said Withers, who represented the seller, in an email. “The Crossings is a great value-add opportunity in a strong dense rental market.”
Jeff Louks, senior vice president of investments at the Encino office of Marcus & Millichap, represented the buyer.