LOS ANGELES, CA - Partners CRE, a national investment real estate advisory and brokerage firm based in Beverly Hils, announced today that it has closed the $39.5 million sale of Mountain View Manor, a 200-unit, apartment building in Sylmar, a suburban neighborhood in the San Fernando Valley and the northernmost nabe within the City of Los Angeles. Shaya Braverman, Co-Founder and Executive Vice President of Partners CRE marketed the property on behalf of the seller, Positive Investments, who purchased the property for $29.4M in 2020. At the time, the sale marked one of the largest deals in Los Angeles. Braverman, and his partner, Dario Svidler, also represented the buyer, Golden Bee Properties.
“This latest acquisition underscores the continued demand for high-quality workforce housing, especially in a supply-constrained market,” said Shaya Braverman of Partners CRE. “Investors recognize the strength of the opportunity for this asset class and we are seeing a great deal of activity in this sector. We are pleased to have represented both the buyer and the seller (for the second time) in this successful sale.”
Located at 12960 Dronfield Avenue, the multifamily property spans 178,000 square feet and includes six apartment buildings, two common areas, and two large pools. Built in 1964, the building was extensively rehabbed in 1999 under the Low-Income Housing Tax Credit program, which has helped meet the demands for affordable housing across the nation.
“After Shaya Braverman and his team represented us in the off-market acquisition of the 200-unit Mountain View Manor Apartments in November 2020, we refinanced with long-term fixed rate debt in the 3% range and addressed the deferred maintenance at the property. After we completed our work, Shaya and his team marketed the property and found the ideal buyer qualified in affordable housing who also was able to navigate assuming our agency loan with an institutional preferred equity partner, making their leverage and blended rate favorable to today’s rising interest rate environment. We were able to complete our business plan early and exit the property in under two and a half years,” said Srinivas Yalamanchili of Positive Investments.
“We were very excited about the prospect of purchasing Mountain View Manor as it fit perfectly into our newly launched affordable and workforce housing fund. And now that we have closed, it has become our seventh and final property in the fund. Throughout the lengthy escrow period, Shaya and the Seller worked closely with us, assisting with a difficult loan assumption along with other hurdles. Working with Shaya, Dario, and the Seller made the process easy,” said David Berneman, CEO of Golden Bee Properties.
Headquartered in Beverly Hills, Partners CRE has overseen the successful sale and closing of approximately 5,000 apartment units and 1,000,000 square feet of office buildings and retail centers. Following a three-year run at Compass, Shaya Braverman, Dario Svidler, and Morgan McMullin joined KW Beverly Hills in February 2022, and with a truncated year there, they were still awarded the top commercial group in Los Angeles.