Lee & Associates-LA North/Ventura Closes 32-Unit Multifamily Sale in Los Angeles
Property attracted multiple offers and sold for a premium over the listing price
VAN NUYS, CA – April 30, 2015 – A 32-unit multifamily property in the Los Angeles community of Van Nuys has sold at an $80,000 premium over listing price after multiple offers were tendered for the property, according to Warren Berzack, president of Berzack Investment Property Advisors, www.berzackadvisors.com a multifamily specialty group of Lee & Associates-LA North/Ventura, www.lee-associates.com who represented the seller in the transaction.
The property, Glen Garden Apartments at 15225 Victory Boulevard, sold for $5,075,000 to a private investor who also owned the property next door.
“This asset drew a half dozen offers due to the rental upside it offers, the unit mix and location,” said Berzack, who was joined in the transaction by Lee Principal Stephen Geiger. “We are still seeing more buyers than sellers in the San Fernando Valley, and the supply/demand imbalance coupled with the quality of the asset drove up the bidding.”
The buyer plans to fully remodel the property, which was built in 1964. It features two one-bedroom, one-bath units and 30 two-bedroom, one-bath units.