Parkview East Apartments in Sunland has sold for $11.7 million, according to Encino-based Matthews Real Estate Investment Services.
Located at 8608 Foothill Blvd., Parkview East was built in 1983. The property — a two-story, garden-style building spanning 37,394 square feet and consisting of 38-units — is comprised of a unit mix ranging from studios to three-bedrooms.
CoStar Group data identified the seller as Woodland Hills firm Sussex Capital Group and the buyer as Valencia-based Ekins Family 1989 Intervivios Trust 6/13/2013. Sussex had acquired the property in 2018 for $9.15 million.
Matthews Senior Vice President Daniel Withers represented the seller in the transaction, along with Jeffrey Louks and Matthews Ziegler of Calabasas-headquartered Marcus & Millichap Inc.
The sale price represents $306,578 per unit, a good price in the Tujunga-Sunland submarket.
Other recent deals in the submarket include the 32-unit Arleta Apartments at 14060 Van Nuys Blvd. in Arleta, which sold for $6 million, or $187,500 per unit, in February; and Scott Road Apartments, at 1720 Scott Road, which sold in January for $10.9 million, or $330,303 per unit.
“Despite the COVID-19 outbreak occurring in the middle of escrow and collections being down from previous months, we were able to negotiate the closing of the transaction as planned,” said Withers in a statement. “Seeing both buyer and seller achieving their overall goal in the disposition and acquisition of this asset is great in today’s environment."