Marcus & Millichap’s Institutional Property Advisors (IPA) closed a sale of 9733 Topanga Canyon, a 119‑unit multifamily property in the Chatsworth neighborhood of Los Angeles, for $44 million. The transaction values the property at $369,748 per unit.
IPA arranged $27.4 million in agency financing for the buyer, Amoroso Companies, enabling a long‑term fixed‑rate loan and a 1031 exchange within a tight timeline. The financing reflects continued lender appetite for high‑quality multifamily assets in core Los Angeles submarkets.
The property, built in 2009, features a central courtyard, swimming pool, and dog run, and averages 1,060 square feet per unit. Occupancy in Chatsworth is above 95%, and the asset is located near Warner Center and other employment centers, supporting stable cash flow.
The deal adds a high‑quality, stabilized asset to Marcus & Millichap’s portfolio and demonstrates the firm’s ability to execute institutional transactions. However, the transaction occurs amid a broader environment of declining transaction volumes and net losses for the company. In the fourth quarter of 2023, Marcus & Millichap reported a net loss of $10.2 million, a shift from a $7.9 million net income in the same period a year earlier. Full‑year 2023 revenue fell 50.4% to $645.9 million from $1,301.7 million in 2022.
Management noted that the company continues to invest in its platform and sales force while navigating rising interest rates and market headwinds. The 9733 Topanga Canyon transaction illustrates the firm’s ongoing focus on high‑quality multifamily assets that can support long‑term value creation for institutional investors.
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