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7305 Variel Avenue apartment complex is comprised of 10 garden-style apartment units in (1) two story building situated on the corner of Variel Avenue & Wyandotte Street in the City of Canoga Park. The building construction is of wood frame with a flat roof and painted stucco exterior with natural stone accent. Development was completed in 1958 with a total of 6,942+/- building square feet on an 8,553+/- square foot corner lot. Current zoning is LAR3

 

The apartment units are spacious and consist of 8 one-bedroom/one-bath units and 2 single units. Common area amenities include parking, consisting of 1 open space and 9 carport gated spaces. The property also offers a laundry facility.

 

The building is accessible from the side of the property on foot off of Wyandotte St. Access is through the secured gated entrance. Aesthetically, the property grounds and building are maintained and attractive. The landscaping is well kept and manicured with a large gated front lawn.

 

This opportunity offers investors an opportunity to add value and raise rents over time in a quickly improving community and rental market.

 

7305 Variel Avenue is located in a densely populated pocket of Canoga Park adjacent to Warner Center. The property is just north of Sherman Way and east of Topanga Canyon Boulevard. The 7300 block of Variel Ave. is a low traffic quiet residential tree lined street. The immediate vicinity consists of well-maintained apartment buildings and single-family homes. West Hills and nearby Woodland Hills Warner Center are quality family neighborhoods. These prime adjacent locations have created a hub for business and entertainment to thrive in and have helped push rents upward in neighboring communities.

 

The subject property is centered between three major streets, Topanga Canyon Blvd to the west, Sherman Way to the south, and Roscoe Blvd to the north.

Last modified on Wednesday, 12 November 2014 00:43

The national vacancy rate remained unchanged at 4.1% during the second quarter, a potentially worrisome result for those who fret about the near term future of the apartment sector. However, this is not unexpected, and a moderation in the brisk pace of improvement in fundamentals has been built into our forecasts for some time.

 

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Last modified on Wednesday, 15 October 2014 00:10

Question: What is the landlord's obligation, as it relates to the refund of a security deposit, when the tenant breaks a one year lease? The tenant served me with a 30-day notice stating that they would be vacating due to a domestic problem. A new tenant was secured to moved in, without any loss of rent.

 

Answer: You have 21 days to send a security deposit itemization to your tenant. In general you would be able to deduct for the remaining term of the lease. In this case, since you already obtained a replacement tenant, there can be no deductions for rent.

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Last modified on Wednesday, 15 October 2014 00:02

New apartment completions and construction starts continue to trend upward, and the new supply of units is beginning to show up in rising vacancy rates in a number of high growth U.S markets.

 

Multifamily construction increased 8% in July, continuing a yearlong upward trend, with several large new projects starting last month, including a $350 million multifamily tower in Queens, NY; a $260 million condominium tower in Honolulu and the $160 million residential portion of the $300 million mixed-used building in Los Angeles. 

 

According to U.S. Census Bureau numbers released this week, multifamily spending in the residential sector increased a slender 0.2% between June and July, rising from $43.2 billion to $43.3 billion. But the most significant story is the year-over-year comparison: spending improved 41% from July 2013.

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Last modified on Tuesday, 14 October 2014 23:50
Tuesday, 14 October 2014 20:55

Market Watch - October 2014

The 10 year treasury recently surpassed its previous 3 month floor of 2.36% and settled at a new 18 month low of 2.20%. This downward trajectory represents an obvious buying opportunity to bond investors who expectedly will act quickly. 

 

Despite the troubling global landscape, including weakening European Indexes (especially Germany's DAX Index which trickles down to Germany's trading partner China), Middle East disarray, and America's growing Ebola fear, the 10 Year Treasury yield managed to only drop .13 bps.

 

Astute investors know that these unprecedented low interest rates won't last forever, and unless global and domestic issues remain turbulent, the US economy will likely start showing gains, with the bond market reacting accordingly. Without a doubt, NOW is the time to obtain the best financing. 

 

By: Gill Figueroa, First Commercial Capital

Last modified on Tuesday, 14 October 2014 21:41
Thursday, 18 September 2014 00:19

Market Watch - September 2014

The 10 year treasury has bounced off its 6 month low of 2.33% in late August 2014 to over 2.60%, an aggressive shift upward in a 2-3 week period of time. Although the market doesn't want to hear it, The Federal Reserve has begun discussing a potential interest rate hike in the foreseeable future in light of the postiive and optimistic domestic outlook of unemployment and GDP data.

 

Unless the current geopolitical environment worsens or a new issue arises, this very well could finally be a pivot point for a raise in rates. 

 

Savvy investors recognize that rates are likely unsustainable at their current level and will act quickly in capitalizing on the marketplace's investment opportunities.

 

By: Gill Figueroa, First Commercial Capital

Last modified on Thursday, 18 September 2014 00:28

Question: My tenant has a dog which is a violation of his lease agreement. When I asked him to remove the pet, he showed me documentation that this is a service animal and due his disability the dog is a medical necessity. I understand the law, but the dog continually howls every time my tenant leaves the premises. This is disturbing the other tenants and I have received three letters regarding this situation. How should I handle this?

 

Answer: Under the American and California Disability Act, a landlord is required to make a reasonable accommodation where a service animal is a medical necessity. The key words are "reasonable accommodation". If you are receiving complaints from other tenants then this would not be considered reasonable. Send your tenant a letter that the howling must stop or he will be required to obtain a replacement service animal.

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Last modified on Wednesday, 03 September 2014 18:47

Closing Summary

The Formosa Apartments presented a true value-add opportunity. The Sellers owned and self-managed the asset for 10 years and were motivated to capitalize on their profits and complete a 1031 Exchange.

 

The Buyer was able to realize the value-add potential in the building through implementing new management, capital improvements and completing unit renovations to maximize rental upside.

 

The escrow process ran smoothly with only a 10 day due diligence period and 65 day close. 

 

We are pleased to be working with the Sellers on upcoming closings and continue to work with our Buyer by helping them expand their multifamily portfolio this year. 

Property Highlights

Beautiful 1920's charm | Attractive CPU | Unique building w/character | Significant rental upside | Excellent unit mix | Desirable location in West Hollywood

Thinking of selling?

Call us to sell your apartment building! 

From fast, direct offers from motivated and qualified buyers, to detailed listing and marketing proposals, we provide customized solutions to suit your precise needs.

We take a professional, full-service approach in representing you in the sale of your property, and we look forward to earning your business!

Last modified on Wednesday, 03 September 2014 18:26

Closing Summary

Within just four days of exclusively listing Barbara Ann apartments in North Hollywood, we generated several offers and put it under contract, closing escrow at 100% of list price. 

 

We are thankful to the Seller for trusting us to represent her in the sale of her down-leg property and help her to exchange into a less management intensive property.

 

Many thanks as well to the Buyer and his team of professionals with whom we're so happy to have had the opportunity to finally work with after 8 years of discussing different investment opportunities together. We look forward to doing lots more business together.

 

Finally thank you to Carey LaSalle, a Keller Williams Estate Specialist, who engaged our Team to co-list the property and leverage our service and expertise in multifamily assets to benefit her friend and client, the Seller.

Property Highlights

Upside in current rents| Pool, onsite laundry and parking | Excellent unit mix | Close to shopping and transit | Attractive cost per unit

Thinking of selling?

Call us to sell your apartment building! 

From fast, direct offers from motivated and qualified buyers, to detailed listing and marketing proposals, we provide customized solutions to suit your precise needs.

We take a professional, full-service approach in representing you in the sale of your property, and we look forward to earning your business!

Last modified on Thursday, 21 August 2014 22:11
Tuesday, 19 August 2014 20:44

Market Watch - August 2014

Record breaking day on the 10yr treasury recently; we broke a 12 month low at 2.345% and quickly bounced off the bottom. Geopolitical issues dominate the trend and will continue to do so until it stops, if it stops.

 

The bond market has enough domestic data for a strong sell-off. This is the time to capitalize on the lowest rates and highest leverage. The flight to quality tangible assets will continue. 

 

By: Gill Figueroa, First Commercial Capital

Last modified on Thursday, 28 August 2014 19:26
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