VARIEL COURT APARTMENTS Sold

The Variel Court Apartments oPer an investor the opportunity to acquire a true value add opportunity located in Canoga Park. The subject property sits on three separate contiguous lots in a strong “B” class market and is surrounded by a quiet residential neighborhood as well as numerous national credit retailers. Noteworthy amenities include 3 swimming pools, gated parking and secured entry. There is currently +/- 20% upside in rents based on current market rates for new tenants in adjacent competing properties. With professional management, an aggressive operator will proQt from Variel Court’s high degree of upside potential. With continued pressure on the rental market, rents in the area are forecast to accelerate by approximately 7% through the remainder of the year. Variel Court is also an excellent candidate for the Los Angeles RUBS program to recapture additional upside in annual income.

NOTE: Current pricing structure is based on obtaining new debt. Current and most favorable Qnancing is available at 4.15%, Non-Recourse. 10 yr. Qxed, INTEREST ONLY for Qrst three years, 70% LTV and features a 5-4-3-2-1 step down prepayment penalty.

Should an investor be willing to assume the existing note, there may be discount to list pricing. The current note is a CMBS loan with a balance of $5,650,000 with approximately 18 months remaining at 5.947% INTEREST ONLY.