Paladin Realty Partners has purchased an 85-unit apartment complex in Pacoima for $16.3 million, or about $192,000 per unit.
The Haddon Hacienda, built in 1964 and located at 10560 Haddon Ave., is comprised of 35 one-bedroom, 30 two-bedroom and 20 three-bedroom apartments. They range from 750 to 1,150 square feet in seven garden-style buildings. Amenities include laundry facilities as well as parking for two vehicles per unit.
The complex has 74,896 square feet and was 95 percent leased at the time of sale.
Jeff Louks and Catherine O’Brien of Marcus & Millichap represented the sellers, a family group. Matt Ziegler, also with Marcus & Millichap, represented the buyer, a private investor.
The sellers, who had inherited the property, included three siblings who wanted to exit the investment. The buyer is planning a value-add play through property upgrades and renovations, according to Marcus & Millichap.
Comparable sales in the submarket include the 42-unit 7350 Hazeltine Ave. in Van Nuys, which sold last August for $8 million, or $182, 250 per unit; and the 42-unit Park Village Apartment Homes at 5327 N. Hermitage Ave. in Valley Village, which sold last month for $21.3 million, or $506,000 per unit.