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The Real Deal Los Angeles

San Francisco firm buys 214 units in the Valley for $52M

Prime Residential paid $243K per unit for pair of 1970s era apartment buildings
By Cathaleen Chen | January 30, 2017 11:30AM

Fountain Villas at 21450 Chase Street and Prime CEO John Atwater (Credit: Fountain Villas Apartment Homes, Brown University)

San Francisco’s Prime Residential paid $52 million for two Canoga Park apartment buildings comprising 214 units, The Real Deal has learned.

The sales price pencils out to about $243,000 per unit — just slightly above the 12-month Valley submarket average of $201,400, according to CoStar. The seller was Benedict Canyon Equities, led by CEO Ryan Somers, which acquired the properties for $33 million in 2012.

Ron Harris and Michael DiSimone of Marcus & Millichap’s Institutional Property Advisors division represented both the buyer and the seller in the deal. The brokers could not be immediately reached for comment.

The first building, located at 21450 Chase Street, contains 102 units. The Class C apartments, dubbed Fountain Villas, were built in 1977 and offer three- and four-bedroom units. Asking rents average $2,446 per unit per month, CoStar shows.

The second property, a Class B complex known Fountain Park, has 112 units, starting at $1,375 per unit per month.

Prime Residential’s portfolio, which spans 17,000 units in several Western states, includes the Park La Brea on 3rd Street, located across the street from the Los Angeles County Museum of Art.