CHATSWORTH, CA – Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of Waterstone Apartment Homes, a 348-unit multifamily community in Chatsworth, California. The $72.5 million sales price equates to more than $208,000 per unit.

“Surrounded by some of the most coveted single-family home communities in the West San Fernando Valley, Waterstone benefits from brilliant submarket fundamentals,” said Greg Harris, IPA executive director.

Harris, along with Ron Harris, IPA executive director, Kevin Green and Joseph Grabiec, IPA senior directors, and Paul Darrow, IPA director, represented the seller, and procured the buyer.

“Chatsworth’s highly rated public schools, low unemployment and strong projected household income growth, combined with low vacancy and a lack of new supply, make it an brilliant place to invest in multifamily assets, especially large, high-end properties like Waterstone Apartment Homes,” said Ron Harris.

The property was built in 1971 at 9901 Lurline Ave. in Chatsworth. It is one block south of the 615,400-square-foot Westfield Topanga shopping mall and approximately one mile from the Chatsworth Metrolink station. Five major freeways and employers including Aerojet Rocketdyne, Anheuser-Busch, Boeing, Health Net, Nestlé and The Walt Disney Co. are within proximity.

“The acquisition gives new ownership the ability to complete a strategic renovation in a market where there is a significant affordability gap to home ownership and strong demand for high-end rental housing,” said Green.

The 250,428-net-rentable-square-foot property features a clubhouse with billiard tables, a large swimming pool and a spa, a lighted tennis court, a barbecue/picnic area, and a fitness center.

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NEW YORK, NY – Mortgage rates went modestly lower this week, with the benchmark 30-year fixed mortgage rate slipping to 3.62 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.20 discount and origination points.

The larger jumbo 30-year fixed nosed higher to 3.63 percent, while the average 15-year fixed mortgage rate held steady at 2.91 percent. Adjustable mortgage rates were mixed, with the 3-year ARM rising to 3.24 percent, while the 5-year and 7-year ARMs retreated to 3.09 percent and 3.28 percent, respectively.   

Mortgage rates were small changed ahead of a much-anticipated meeting of the Federal Open Market Committee, the Federal Reserve’s rate-setting committee. The Fed did not raise interest rates, despite giving an upbeat assessment of the economy. But, they did send a strong signal that a rate hike is coming perhaps as soon as December. In addition to pointing out that inflation remains below their intended target, the Fed’s economic projections released following the meeting revealed that they aren’t expecting core inflation to hit 2 percent until 2018. The combination of no rate hike now, low inflation, very modest increases in inflation, and a possible small-term rate hike later this year is excellent news for long-term bonds, and by extension, mortgage rates. Higher inflation erodes the value of the fixed payments bondholders receive, but projections of low inflation and measures to keep it in check tend to push yields lower. Mortgage rates are closely related to yields on long-term government bonds.

At the current average 30-year fixed mortgage rate of 3.62 percent, the monthly payment for a $200,000 loan is $911.54.

SURVEY RESULTS

30-year fixed: 3.62% — down from 3.64% last week (avg. points: 0.20)

15-year fixed: 2.91% — unchanged from last week (avg. points: 0.18)

5/1 ARM: 3.09% — down from 3.13% last week (avg. points: 0.25)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. A small over half of respondents – 56 percent – predict mortgage rates will retreat further over the next week, while 33 percent expect mortgage rates to remain more or less unchanged. Just 11 percent forecast an increase in mortgage rates over the next seven days.

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