100-unit Apartment Complex in Pacoima Sells for $23.5 Million

The 100-unit Branford Villas apartment complex in Pacoima has sold for $23.5 million. The property consists of eight buildings totaling 81,492 rentable square feet on nearly 4 acres. It is located at 12711 Branford St. Alex Mogharebi and Otto Ozen of the Mogharebi Group, Costa Mesa-based multifamily brokerage, represented the seller, a private investor based in Simi Valley, and the buyer, an undisclosed private investor from Los Angeles. The property feature one- and two-bedroom floor plans with an average size of 815 square feet. The property also features a pool with spa, three laundry centers, two tot lots, a courtyard and garden with walkways. “Although Branford Villas was recently placed under new professional management that was improving the operations, (it) had suppressed income due to years of mismanagement by prior owners, which made financing difficult,” Ozen said in a statement. “It took a special buyer to realize its full potential and aggressively step up to close this deal.”