18-Unit Building Opens Doors to Homeownership for First Time Home
Buyers
CANOGA PARK, Calif.--(Business Wire)--Vassar Villas, a unique 18-unit condominium project located in
Canoga Park, Calif., seems to be bucking the perception of a softening
residential market. Phase one of the three-phase project sold out in
less than one week.
The former apartment complex, which is being developed by Pacific
Realty Ventures' condominium division CondoWest.com, is located near
Warner Center in Woodland Hills. According to Behzad Dabiran of
Pinnacle Estate Properties, who brokered phase one sales with partner
Lena Mikhail, the units sold between $269,000 and $339,000. The price
is primarily aimed at first time home buyers in the low- to
moderate-income range.
For Daniel Khakshouri, president and founder of Pacific Realty
Ventures Corp., the concept behind Vassar Villas was very simple: "Our
goal was to provide a high-end product to those who could least afford
it," said Khakshouri.
This is the ninth condominium conversion project for the company,
which specializes in repositioning and converting prime location
apartment complexes throughout the greater Los Angeles area.
CondoWest.com purchased the apartment complex in 2006 and
immediately set out on an 18-month renovation process that included
refurbishment of the interiors with designer lighting, marble
bathrooms and Italian cabinetry in the kitchen, as well as the
exterior of the building and all the landscaping.
"This is the perfect time for a first time, low- to
moderate-income earner to become a home owner," said Khakshouri. "In
many cases, the cost of renting is equal to or more than the cost of
actually purchasing a home."
The firm points to its streamlined management process and its
vertically integrated operation as drivers behind its ability to price
high quality units at below market rates. According to Khakshouri, by
running his own construction crews, buying quality materials such as
marble and cabinetry by the container, and negotiating rates with home
warranty companies, title insurance and escrow fees, the firm is able
to pass the savings along to the buyer.
In addition, the firm provides borrowers with access to a variety
of state-run loan programs. If the buyer qualifies, these programs can
provide financing that serves as a silent second mortgage, thus
offering additional financing. While the state may share in a
percentage of the equity of the home, these plans may defer repayment
until the house is sold or refinanced. Until then, the buyer pays no
interest on this portion. And when the buyer sells the property, he
shares a percentage of the home's appreciation with the state.
Photos available, please call 310-373-0103.
About Pacific Realty Ventures/CondoWest.com
Los Angeles-based Pacific Realty Ventures Corporation is a
multi-disciplined investment firm that owns and manages a portfolio of
retail, office, and apartment properties located throughout Los
Angeles, Calif. Addressing the need for affordable housing for the
first-time homebuyer, the firm's condominium division, CondoWest.com,
focuses on the redevelopment of apartment buildings into high quality
condominiums specifically for the first time low to moderate income
home buyer. The firm's portfolio includes nine buildings with a total
of 122 condominium units located throughout the Greater Los Angeles
and San Fernando Valley area. For more information please visit
www.condowest.com.
The Hoyt Organization
Leeza Hoyt, 310-373-0103
llhoyt@hoytorg.com
or
Mallori DelFiandra, mallori@hoytorg.com
Copyright Business Wire 2007
