Northridge, Canoga Park and Van Nuys apartment complexes changed hands recently in deals totaling nearly $27 million.
The 85-unit Woodley Plaza Apartments at 10139 Woodley Ave. in North Hills sold for $21.3 million to 4D Development & Investment in Los Angeles, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc. The seller was Prime Residential, the apartment arm of San Francisco-based commercial real estate investor Prime Group.
The six, two-story buildings, a mix of one- and two-bedroom units, were built in 1971 but some units were renovated this year. In addition to the recent refurbishments, the complex’s appeal is its five-mile distance to the Northridge Metrolink Station and the 40-minute ride to downtown Los Angeles. Additionally, residents are close to five nearby freeways that provide access to the Santa Clarita, Conejo and Simi valleys.
“Built in 1971, Woodley Plaza provides the new ownership with a proven value-add opportunity with an established premium,” said Marcus & Millichap Executive Director Greg Harris. Harris and Senior Directors Kevin Green and Joseph Grabiec negotiated the deal on behalf of the seller and brought the buyer to the table.
In Canoga Park, Marcus & Millichap also brokered the sale of a 25-unit apartment complex at 8380 Northgate Ave. in Canoga Park for $4.13 million to Los Angeles’ Xenon Investment Corp. Joshua Luchs, vice president of investments, brokered the deal on behalf of the seller and brought in Xenon.
And in Van Nuys, a 7-unit apartment complex at 6859 Woodman Ave., sold for $1.4 million, also brokered by Marcus & Millichap. The buyer was J&M Investment Group. Vice President Jason Tuvia, and Glen Scher, an associate, marketed the property for the seller and brokered the deal on behalf of the buyer, J&M, and also brought them to the table.