A 52-unit apartment building in Van Nuys has sold for $9.2 million, or nearly $175,000 per unit, considered a high price for the community.
The Terraces at the Lake complex was sold by Dallas private investor ORIX Capital Markets LLC to North Hollywood’s MSCO Corp in a deal that closed Tuesday.
The 41,099 square foot building, constructed in 1988, is in the Lake Balboa area, at 16550 Vanowen St.
Brokers involved in the deal said the sale represents an increasing interest in higher quality Class B properties as supply of Class A properties runs low.
“Investors are increasingly moving to assets like Terraces at the Lake, because it is institutional quality asset located in a desirable San Fernando Valley neighborhood,” said Warren Berzack, principal at Lee & Associates-LA North/Ventura’s Sherman Oaks office, in a statement.
Berzack and colleague Stephen Geiger represented both the buyer and the seller.
The building was 100 percent leased at the time of the sale.