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Investment property sells for $6M

Forty-unit apartment building is located on Pine Street

Posted: September 8, 2013 2:00 a.m.
Updated: September 8, 2013 2:00 a.m.

The apartment building located at 24200 Pine St. in Newhall sold for close to $6 million.

A 40-unit Santa Clarita apartment building sold for $5.93 million dollars after receiving multiple offers on the listing, reported Berzack Investment Property Advisors.

The buyer, 24200 Pine Street Investor LLC, was represented by two advisory parties. Warren Berzack, president, of Berzack Investment Property Advisors and also principal of Lee & Associates-LA North/Ventura represented the buyer.

Also representing the buyer was Stephen Geiger, a partner of Berzack Investment Property Advisors and a principal of Lee & Associates-LA North/Ventura.

Berzack ad Geiger also represented the seller in the transaction, Clarita Terrace Apartments LLC.

The Newhall property consists of 40 units, 39 of which are two-bedroom units in a well-maintained community with ’80s construction.

“We got a lot of interest,” Berzack said. “We had about six offers, which made it a competitive bidding situation, and the purchase price we achieved was very close to list price as a result.”

The property was shown as being listed at $6.3 million on an undated brochure by Lee & Associates and The Berzack Group.

The Clarita Terrace Apartments property was built in 1986 and is located in a non-rent-controlled city, located near the I-5 Freeway.

It was fully rented at the time of the sale, according to the parties involved in the transaction.




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