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Thursday, Nov 30, 2023

Panorama City Multifamily Sells for $4.4 Million

A 16-unit multifamily property in Panorama City has sold for $4.35 million, or $271,875 per unit. 

A 16-unit multifamily property in Panorama City has sold for $4.35 million, or $271,875 per unit.

Rick Raymundo and Justino Fa’aola of Marcus & Millichap transacted the sale of 9415 Sylmar Ave. Raymundo and Fa’aola represented the seller and the buyer, both private trusts.

The apartments are rent controlled by the city of Los Angeles.

“The seller preferred a quick and smooth transaction,” Raymundo said in a statement. “So we were able to connect him with another client for whom we had just sold a smaller apartment building in the Valley. That client was able to use 9415 Sylmar Avenue as a 1031 exchange up-leg, allowing him to improve his annual cash flow while still deferring capital gains taxes.”

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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