Two Van Nuys apartment buildings, totaling 53 units, have sold for $10.5 million, or just over $198,000 per unit, according to brokerage Marcus & Millichap.
The adjacent properties are located at 6600-6616 Woodley Ave., between Kittridge and Vanowen streets, and comprise 40,372 square feet together. More than a dozen offers were submitted for the properties, with the ultimate buyer, who was not named, paying full list price, said Marcus & Millichap, the Calabasas brokerage. According to CoStar Group Inc., the seller was Jeff Pink of Van Nuys.
“The property is a 1980s-vintage, market-rate asset that provides the new owner with a non-rent-controlled, value-add opportunity in high-demand Van Nuys,” said Joshua Luchs, vice president of investments at the brokerage, in a statement. He handled the transaction with associate Matthew Luchs.
“Multifamily properties in the Van Nuys-Northeast San Fernando Valley recorded average effective rent advancement of 11.8 percent last year and yet remain more than $500 less expensive than apartments in other parts of the Valley,” Joshua Luchs said in the statement.
The Woodley Apartments contain 32, two-bedroom, two-bath units; four two-bedroom, one-bath apartments; 16 one-bedroom, one-bath units; and a single unit converted from a recreation room. The buildings offer gated entry and a swimming pool.