NAI Capital Completes Sale of Residential Development Site in Toluca Lake, CA
Los Angeles, CA, August 20, 2018–Vice Presidents Emmanuel Ndu and Sam Monempour with NAI Capital’s Encino Los Angeles office along with Arthur Arejian, President of Vanguard Investments, Inc. completed the sale of a 9,683 square foot development site in Toluca Lake, Calif. Emmanuel, Sam and Arthur represented the seller, Napa Industries. The buyer was, Moorpark Place, L.P. The total sale price was $2,000,000, or $207 per square foot.
The property is located at 10720-10724 Moorpark Street. The site is zoned LAR3 residential which allows for the development of low-rise multifamily units. Proposed plans included 18 spacious two-bedroom, two-bath units that the new buyer would need to get through the entitlement process to complete. The project is in a prime Toluca Lake area of the San Fernando Valley with access to a range of restaurants, public transportation, schools, grocery stores, and shopping center amenities.
Emmanuel said, “We are experiencing an increased demand for these types of in-fill projects. Short supply coupled with demographic and lifestyle preferences are fueling strong demand for multifamily.”
Sam added, “Low vacancy rates and healthy rent growth for multifamily product continues to fuel these rare opportunities because land is virtually nonexistent for ground up development projects.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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