97-Unit Chatsworth Apartment Complex Sells for $26 Million

Woodland Hills-based Sussex Capital Group has purchased Mountain View Manor Apartments, a 97-unit apartment complex in Chatsworth, for $26.4 million, or $272,165 per unit. According to a Real Deal report, the seller was a private family through J.E.M.S. Corp., which acquired the property in 2004 for $11.2 million. The complex, located at 21700 Septo St., sits on 2 acres. Made up of four buildings and spanning more than 90,000 square feet, Mountain View Manor Apartments has a mix of one- and two-bedroom units. As it was built in 1977 and received a certificate of occupancy in 1978, it is not subject to rent control laws, which took effect in Los Angeles that same year, according to the report. Comparable nearby sales include the 57-unit 5484 Quakertown apartments in Woodland Hills, sold in August for $13.9 million; the 56-unit 16860 Chatsworth St. in Granada Hills, sold in March for $11.9 million; and the 48-unit 5911 Reseda Blvd. in Tarzana, sold in February for $15.1 million.