Prepared Exclusively for Grape Ape, LLC
March 2026
We Didn't Invent Great Service, We Just Work Relentlessly to Provide It.
The LAAA Team brings direct, first-hand transactional experience to the LIHTC multifamily market in the San Fernando Valley. Our team recently closed 1536 N Serrano Avenue, a 42-unit LIHTC property, at $180,952 per unit, and is currently in escrow on 20234 Roscoe Boulevard, a 25-unit LIHTC property, at $206,000 per unit. These transactions, both involving properties within the same ownership circle, demonstrate our deep understanding of LIHTC asset valuation, resyndication buyer dynamics, and the regulatory framework governing these sales.
With over 500 closed transactions and $1.6 billion in sales volume since 2013, the LAAA Team at Marcus & Millichap is among the most active multifamily brokerage groups in Southern California. Our proprietary buyer network includes institutional acquirers, LIHTC syndicators, and private investors who understand the unique capital stack and regulatory requirements of affordable housing transactions.
• Chairman's Club - a top-tier annual honor at Marcus & Millichap
• National Achievement Award - Consistent top national performer
• CoStar #1 Team - Most active multifamily sales team in LA County
• 500+ Transactions - Over $1.6 billion in career sales volume
• 34-Day Median DOM - Properties sell faster than market average
The LAAA Team is pleased to present Kittridge Park Villas, a 39-unit multifamily community situated on 0.84 acres in Reseda. Originally constructed in 1961 and substantially rehabilitated in 1997 under the Low-Income Housing Tax Credit (LIHTC) program, the property features a diverse unit mix of three studios, twelve one-bedrooms, twenty two-bedrooms, and four three-bedrooms across 36,058 square feet of rentable area. The two-story, wood-frame buildings are served by central air conditioning, on-site laundry facilities, a swimming pool, and covered parking.
Kittridge Park Villas operates under a 4% LIHTC regulatory agreement (CTCAC CA-1996-915) with an extended use period expiring in approximately December 2027. All 38 non-manager units are income-restricted at 60% of Area Median Income. The property is professionally managed by Solari Enterprises, a firm specializing in affordable housing compliance with over 40 years of experience. Recent capital improvements include a completed soft-story seismic retrofit (2021), a 13.5 KW solar photovoltaic system (2011), EV charger installations (2024), and a Class A/B roof replacement (2009).
With LIHTC restrictions set to expire in under two years, Kittridge Park Villas presents a rare dual-path investment opportunity. A resyndication buyer can pursue new 4% tax credits, tax-exempt bonds, and LAHD grants to recapitalize the property while maintaining its affordable mission. Alternatively, a market-conversion buyer can position for post-restriction rent increases on unit turnover, with unrestricted market rents in Reseda currently 10% to 31% above current LIHTC maximums. This dual optionality, combined with the LAAA Team's direct transactional experience with comparable LIHTC assets in the San Fernando Valley, provides buyers with a well-understood acquisition basis.
The subject property is situated in the Reseda community of the central San Fernando Valley, a densely rented, transit-accessible neighborhood within the City of Los Angeles. The immediate corridor along Kittridge Street benefits from a Walk Score of 77, with everyday retail, grocery, and pharmacy options concentrated along the adjacent Reseda Boulevard commercial spine. Median household income within one mile reaches $77,733, reflecting a stable working-class renter base well-suited to income-restricted housing at AMI-qualified rent levels.
Bus service via Metro Local Lines 164, 165, and 240 connects residents to employment centers throughout the Valley, while the Metro G Line (Orange) Reseda Station on Roscoe Boulevard provides rapid transit access to the broader Metro system. Reseda Park and the Sepulveda Basin recreational corridor, including Lake Balboa, provide nearby open space amenities within the neighborhood. The property's proximity to major employers along the Ventura Boulevard and Sherman Way corridors supports consistent renter demand.
Reseda is experiencing meaningful public investment through the 'Reseda Rising' initiative, which has directed over $100 million in public and private capital to the corridor. Completed projects include the $21 million Reseda Boulevard Complete Street and a $26 million partnership with the LA Kings for the Reseda Skate Rink. New affordable housing developments totaling over 225 units are under construction within one mile. The property's R3-1-RIO zoning and TOC Tier 1 designation confirm the City's commitment to multifamily density in this corridor, providing regulatory certainty for long-term asset stewardship.
| Location Details | |
|---|---|
| Walk Score | 77 / Very Walkable |
| Transit Score | 50 / Good Transit |
| Bike Score | 60 / Bikeable |
| Neighborhood | Reseda |
| Council District | CD 4 (Nithya Raman) |
| Nearest Transit | Metro Local Lines 164, 165, 240 (0.2-0.3 mi) |
| Nearest Rail | Metro G Line Reseda Station (~2 mi) |
| Median HH Income (1 mi) | $77,733 |
| Median Home Value (1 mi) | $746,715 |
| SFV Vacancy Rate | 4.8% (Q3 2025) |
| Property Overview | |
|---|---|
| Address | 18303 Kittridge St, Reseda, CA 91335 |
| Property Name | Kittridge Park Villas |
| Units | 39 (38 restricted + 1 manager) |
| Unit Mix | 3 Studios, 12 1BR, 20 2BR, 4 3BR |
| Year Built | 1961 (Rehab 1997) |
| Building SF | 36,058 |
| Lot Size | 36,678 SF (0.84 AC) |
| Stories | 2 |
| Parking | Carports/Garages |
| Occupancy | 92.3% (36 of 39) |
| Site & Zoning | |
|---|---|
| APN | 2125-017-017 |
| Zoning | R3-1-RIO |
| General Plan | Medium Residential |
| TOC Tier | 1 |
| TOIA | 1 |
| Housing Element Site | Yes |
| TCAC Opportunity Area | Moderate |
| High Quality Transit Corridor | Yes (within 1/2 mile) |
| Base Density (by-right) | ~45 units |
| Max Density (TOC Tier 1) | ~67 units |
| Building Systems & Capital Improvements | ||
|---|---|---|
| Construction | Wood Frame | |
| HVAC | Central A/C, Electric Heat | |
| Water Heaters | Electric | |
| Laundry | On-Site Facility | |
| Pool | Yes | |
| Solar PV | 13.5 KW (2011) | |
| EV Chargers | 60 AMP / 240V (2024) | |
| Roof | Class A/B (2009) | |
| Soft Story Retrofit | Completed 12/2021 | |
| Earthquake Shutoff Valve | Installed (2021) | |
| Regulatory & Compliance | |
|---|---|
| Rent Control | LA RSO (APN verified via ZIMAS) |
| LIHTC Type | 4% Federal Credits (CA-1996-915) |
| LIHTC Expiration | ~December 2027 (30-year extended use) |
| Affordability | 100% at 60% AMI (38 of 39 units) |
| Section 8 Vouchers | 5 units (13%) |
| Management | Solari Enterprises, Inc. |
| Ellis Act | No |
| Just Cause (JCO) | No (per ZIMAS) |
| Housing Crisis Act | Yes |
| Flood Zone | Outside |
| Liquefaction | Yes (retrofit completed) |
LIHTC Resyndication Buyers
Syndicators and developers seeking new 4% tax credit allocations, tax-exempt bond financing, and LAHD grants. The Roscoe Boulevard buyer at $206,000/unit employed this exact strategy, applying for new CDLAC bonds and CTCAC credits while securing an LAHD grant.
Market Conversion Investors
Private investors positioning to raise rents to unrestricted market levels after LIHTC restrictions expire in December 2027. With RSO vacancy decontrol, market-rate rents can be achieved on unit turnover, generating 10-31% income growth over time.
Affordable Housing Operators
Mission-driven organizations and nonprofits seeking stabilized affordable housing assets with established tenant bases, Section 8 voucher income, and professional management infrastructure already in place.
Kittridge Park Villas offers a rare combination of current affordable housing cash flow, near-term restriction expiration, and post-conversion upside. Whether pursuing resyndication, market conversion, or mission-driven acquisition, this 39-unit community in Reseda's improving corridor presents a compelling basis for investment.
"Why are LIHTC properties trading below conventional multifamily per-unit pricing?"
LIHTC properties operate under income restrictions that compress current NOI relative to market-rate assets. However, LIHTC buyers underwrite to tax credit equity, bond proceeds, and soft financing rather than traditional cap rate analysis. The Roscoe Boulevard comparable sold 13% above list price, demonstrating strong demand from resyndication buyers who access capital unavailable to conventional investors.
"How does the RSO status affect post-conversion rent growth?"
After LIHTC restrictions expire, the property reverts to LA RSO regulation. In-place tenants receive RSO-capped annual increases of approximately 3-4%. However, under Costa-Hawkins vacancy decontrol, units can be reset to unrestricted market rent upon tenant turnover. With current market rents 10-31% above LIHTC maximums, each turnover event generates meaningful income growth.
"What is the Right of First Refusal (ROFR) process?"
California law grants qualified nonprofits and public agencies a Right of First Refusal for LIHTC properties within five years of restriction expiration. This window is currently open through December 2027. The ROFR process is a standard regulatory step, not a barrier to sale. The LAAA Team has direct experience navigating ROFR compliance on comparable transactions.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | Cap | GRM | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 20234 Roscoe Blvd, Winnetka LAAA TEAM | 25 | 1964 | 24,176 | $5,150,000 | $206,000 | $213 | 4.43% | 9.7x | In Escrow | -- |
| 2 | 1536 N Serrano Ave, Los Angeles LAAA TEAM | 42 | 1969 | 60,525 | $7,600,000 | $180,952 | $126 | 5.89% | -- | 02/2026 | -- |
| 3 | 9010 Tobias Ave (Azzi Portfolio), Panorama City | 596 | 1954-72 | 478,070 | $85,000,000 | $142,617 | $178 | 5.85% | 9.7x | 12/2024 | -- |
| Average | $32,583,333 | $176,523 | $172 | 5.39% | 9.7x | -- | |||||
| Median | $7,600,000 | $180,952 | $178 | 5.85% | 9.7x | -- | |||||
| Tier 1 Average | $193,476 | $170 | 5.16% | 9.7x |
20234 Roscoe Boulevard, Winnetka (LAAA Team — In Escrow) — This 25-unit LIHTC property, built in 1964 and rehabilitated in 1995, is under contract at $5,150,000 ($206,000/unit). The buyer, a resyndication investor pursuing new 4% credits and LAHD grant funding, contracted 13.2% above the original list price of $4,550,000, reflecting exceptional demand for LIHTC assets in the San Fernando Valley. Roscoe carries a permanent 55-year regulatory agreement through 2050. As an LAAA Team transaction within the same ownership circle, this comp provides the most direct pricing intelligence for Kittridge Park Villas.
1536 N Serrano Avenue, Los Angeles (LAAA Team — Closed) — This 42-unit LIHTC property in East Hollywood closed in February 2026 at $7,600,000 ($180,952/unit), a 15.1% discount from its $8,950,000 list price. Serrano also carries a permanent 55-year restriction. Financing was provided by Berkadia at $4,535,000 (59.7% LTV). As a permanently restricted asset, Serrano establishes a conservative floor for LIHTC per-unit pricing. The LAAA Team's direct involvement in this closing provides verified financial data and buyer feedback.
9010 Tobias Avenue (Azzi Portfolio), Panorama City — This 596-unit LIHTC portfolio across 24 buildings closed in December 2024 at $85,000,000 ($142,617/unit), a 17.2% discount from list. The portfolio discount and scattered-site structure place this comp at the lower bound of LIHTC pricing. It confirms institutional demand for SFV affordable housing while reflecting the per-unit discount inherent in large portfolio transactions versus single-asset sales.
| # | Address | Type | SF | Rent | $/SF | Source |
|---|---|---|---|---|---|---|
| 1 | Reseda 91335 Avg | Studio | 500 | $1,695 | $3.39 | RentCafe |
| 2 | Reseda 91335 Avg | 1BR/1BA | 700 | $1,895 | $2.71 | RentCafe |
| 3 | Reseda 91335 Avg | 2BR/1BA | 850 | $2,550 | $3.00 | RentCafe |
| 4 | Reseda 91335 Avg | 3BR/1.5BA | 1,050 | $2,875 | $2.74 | RentCafe |
| 5 | Reseda 91335 Overall | All Types | 0 | $2,054 | $0.00 | RentCafe 2025 |
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Market/SF |
|---|---|---|---|---|---|---|
| 01 | 2BR/1BA | 850 | $1,167 | $1.37 | $1,952 | $2.30 |
| 02 | 3BR/1.5BA | 1,335 | $1,297 | $0.97 | $2,251 | $1.69 |
| 03 | 2BR/1BA | 1,335 | $1,307 | $0.98 | $1,952 | $1.46 |
| 04 | 2BR/1BA | 850 | $1,222 | $1.44 | $1,952 | $2.30 |
| 05 | 3BR/1.5BA | 1,050 | $1,297 | $1.24 | $2,251 | $2.14 |
| 06 | 2BR/1BA | 850 | $1,134 | $1.33 | $1,952 | $2.30 |
| 07 | 2BR/1BA | 850 | $1,307 | $1.54 | $1,952 | $2.30 |
| 08 | 2BR/1BA | 850 | $1,440 | $1.69 | $1,952 | $2.30 |
| 09 | 2BR/1BA | 850 | $1,759 | $2.07 | $1,952 | $2.30 |
| 10 | 3BR/1.5BA | 1,050 | $1,519 | $1.45 | $2,251 | $2.14 |
| 11 | 2BR/1BA | 850 | $1,210 | $1.42 | $1,952 | $2.30 |
| 12 | 2BR/1BA | 850 | $0 | $0.00 | $1,952 | $2.30 |
| 14 | 3BR/1.5BA | 1,050 | $2,240 | $2.13 | $2,251 | $2.14 |
| 15 | 2BR/1BA | 850 | $1,167 | $1.37 | $1,952 | $2.30 |
| 16 | 2BR/1BA | 850 | $1,122 | $1.32 | $1,952 | $2.30 |
| 17 | Studio | 500 | $1,674 | $3.35 | $1,536 | $3.07 |
| 18 | 1BR/1BA | 700 | $1,718 | $2.45 | $1,631 | $2.33 |
| 19 | 2BR/1BA | 850 | $1,086 | $1.28 | $1,952 | $2.30 |
| 20 | 1BR/1BA | 700 | $1,087 | $1.55 | $1,631 | $2.33 |
| 21 | 2BR/1BA (Mgr) | 850 | $0 | $0.00 | $1,952 | $2.30 |
| 22 | 1BR/1BA | 700 | $993 | $1.42 | $1,631 | $2.33 |
| 23 | 1BR/1BA | 700 | $1,129 | $1.61 | $1,631 | $2.33 |
| 24 | 1BR/1BA | 700 | $1,201 | $1.72 | $1,631 | $2.33 |
| 25 | 2BR/1BA | 850 | $1,271 | $1.50 | $1,952 | $2.30 |
| 26 | 2BR/1BA | 850 | $1,238 | $1.46 | $1,952 | $2.30 |
| 27 | Studio | 500 | $915 | $1.83 | $1,536 | $3.07 |
| 28 | 2BR/1BA | 850 | $1,100 | $1.29 | $1,952 | $2.30 |
| 29 | 1BR/1BA | 700 | $1,464 | $2.09 | $1,631 | $2.33 |
| 30 | 1BR/1BA | 700 | $0 | $0.00 | $1,631 | $2.33 |
| 31 | 2BR/1BA | 850 | $1,269 | $1.49 | $1,952 | $2.30 |
| 32 | 2BR/1BA | 850 | $1,029 | $1.21 | $1,952 | $2.30 |
| 33 | 1BR/1BA | 700 | $839 | $1.20 | $1,631 | $2.33 |
| 34 | 1BR/1BA | 700 | $1,087 | $1.55 | $1,631 | $2.33 |
| 35 | 1BR/1BA | 700 | $1,268 | $1.81 | $1,631 | $2.33 |
| 36 | 2BR/1BA | 850 | $1,307 | $1.54 | $1,952 | $2.30 |
| 37 | 1BR/1BA | 700 | $0 | $0.00 | $1,631 | $2.33 |
| 38 | 2BR/1BA | 850 | $979 | $1.15 | $1,952 | $2.30 |
| 39 | 1BR/1BA | 700 | $1,668 | $2.38 | $1,631 | $2.33 |
| 40 | Studio | 500 | $970 | $1.94 | $1,536 | $3.07 |
| Total | 39 Units | 31,870 | $44,480 | $1.40 | $72,224 | $2.27 |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $602,792 | $15,456 | $16.72 | - |
| Less: Vacancy (5%) | $(30,140) | $(773) | $(0.84) | - |
| Other Income [1] | $11,844 | $304 | $0.33 | - |
| Effective Gross Income | $584,496 | $14,987 | $16.21 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [1] | $0 | $0 | $0.00 | 0.0% |
| Insurance [2] | $28,723 | $736 | $0.80 | 4.9% |
| On-Site Manager Credit [3] | $23,424 | $601 | $0.65 | 4.0% |
| Water/Sewer [4] | $65,996 | $1,692 | $1.83 | 11.3% |
| Trash Removal [5] | $34,655 | $889 | $0.96 | 5.9% |
| Gas | $1,645 | $42 | $0.05 | 0.3% |
| Common Area Electric [6] | $3,379 | $87 | $0.09 | 0.6% |
| Repairs & Maintenance [7] | $34,250 | $878 | $0.95 | 5.9% |
| Contract Services | $10,725 | $275 | $0.30 | 1.8% |
| Management (4%) [8] | $24,112 | $618 | $0.67 | 4.1% |
| Administrative | $3,900 | $100 | $0.11 | 0.7% |
| Reserves [9] | $7,800 | $200 | $0.22 | 1.3% |
| Total Expenses | $238,609 | $6,118 | $6.62 | 40.8% |
| Net Operating Income | $345,887 | $8,869 | $9.59 | 59.2% |
[1] Real Estate Taxes reassessed at purchase price x 1.17% (LA County).
[2] Insurance per seller's actual policy. Solar PV (13.5 KW) reduces common area costs.
[3] CA law requires on-site manager for 16+ units. Credit = market rent of manager unit.
[4] Water/Sewer per seller T-12. Owner pays all water. Pool + on-site laundry + 39 units.
[5] Trash per seller T-12. Current LA hauler rates (Republic/Athens).
[6] Electric per seller T-12. Solar PV system (2011) offsets common area electric.
[7] R&M normalized to Tier 4 benchmark. Soft story retrofit (2021) and roof (2009) completed.
[8] Management at 4% of GSR. Professional third-party management.
[9] Reserves at $200/unit. CapEx credit applied for completed roof + soft story retrofit.
| OPERATING DATA | |
|---|---|
| Price | $5,500,000 |
| Down Payment (45%) | $2,475,000 |
| Number of Units | 39 |
| Price / Unit | $141,026 |
| Price / SF | $153 |
| Gross SF | 36,058 |
| Lot Size | 36,678 SF (0.84 ac) |
| Year Built | 1961 |
| Returns | Current | Pro Forma |
|---|---|---|
| Cap Rate | 5.05% | 5.05% |
| GRM | 9.12x | 9.12x |
| Cash-on-Cash | 2.81% | 2.81% |
| DSCR | 1.33x | 1.33x |
| FINANCING | |
|---|---|
| Loan Amount | $3,025,000 |
| Loan Type | Fixed |
| Interest Rate | 5.60% |
| Amortization | 30 Years |
| Loan Constant | 6.89% |
| LTV (LTV) | 55.0% |
| DSCR | 1.33x |
| Income | Current | Pro Forma |
|---|---|---|
| GSR | $602,792 | $602,792 |
| Vacancy (5%) | $(30,140) | $(30,140) |
| Other Income | $11,844 | $11,844 |
| EGI | $584,496 | $584,496 |
| Cash Flow | Current | Pro Forma |
|---|---|---|
| NOI | $277,900 | $277,900 |
| Debt Service | $(208,391) | $(208,391) |
| Net Cash Flow | $69,510 | $69,510 |
| CoC Return | 2.81% | 2.81% |
| Principal Reduction | $40,007 | $40,007 |
| Total Return | 4.42% | 4.42% |
| EXPENSES | |
|---|---|
| Real Estate Taxes | $0 |
| Insurance | $28,723 |
| On-Site Manager Credit | $23,424 |
| Water/Sewer | $65,996 |
| Trash Removal | $34,655 |
| Gas | $1,645 |
| Common Area Electric | $3,379 |
| Repairs & Maintenance | $34,250 |
| Contract Services | $10,725 |
| Management (4%) | $24,112 |
| Administrative | $3,900 |
| Reserves | $7,800 |
| Total Expenses | $238,609 |
| Purchase Price | Current Cap | Pro Forma Cap | Cash-on-Cash | $/SF | $/Unit | PF GRM |
|---|---|---|---|---|---|---|
| $5,750,000 | 4.78% | 4.78% | 2.21% | $159 | $147,436 | 9.54x |
| $5,700,000 | 4.83% | 4.83% | 2.32% | $158 | $146,154 | 9.46x |
| $5,650,000 | 4.89% | 4.89% | 2.44% | $157 | $144,872 | 9.37x |
| $5,600,000 | 4.94% | 4.94% | 2.56% | $155 | $143,590 | 9.29x |
| $5,550,000 | 5.00% | 5.00% | 2.68% | $154 | $142,308 | 9.21x |
| $5,500,000 | 5.05% | 5.05% | 2.81% | $153 | $141,026 | 9.12x |
| $5,450,000 | 5.11% | 5.11% | 2.94% | $151 | $139,744 | 9.04x |
| $5,400,000 | 5.17% | 5.17% | 3.06% | $150 | $138,462 | 8.96x |
| $5,350,000 | 5.23% | 5.23% | 3.20% | $148 | $137,179 | 8.88x |
| $5,300,000 | 5.29% | 5.29% | 3.33% | $147 | $135,897 | 8.79x |
| $5,250,000 | 5.35% | 5.35% | 3.47% | $146 | $134,615 | 8.71x |
The suggested list price of $5,500,000 ($141,026/unit) is anchored by two LAAA Team transactions involving comparable LIHTC properties in the San Fernando Valley. The Roscoe Boulevard comparable contracted at $206,000/unit for a permanently restricted asset, while the Serrano Avenue comparable closed at $180,952/unit. Both carry 55-year affordability restrictions with no conversion optionality. Kittridge Park Villas, with restrictions expiring in approximately 21 months, is positioned below these permanently restricted comps on a per-unit basis, reflecting the current restricted income stream while acknowledging the near-term conversion potential. The suggested list price produces a 5.05% cap rate on current restricted NOI, consistent with recent LIHTC transaction yields in the 4.4% to 5.9% range observed across the comp set. Sale comps range from February 2026 to December 2024, with both Tier 1 anchors transacting within the past two months.