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Tuesday, Oct 3, 2023

22-Unit North Hills Multifamily Sells for $4.7 Million

Kelly Morgan Commercial Group at KW Commercial has transacted the sale of 8805 Orion Ave., a 22-unit multi-family property in North Hills, for $4.7 million. Broker Kelly Morgan served as an exclusive advisor to the seller while Clyde Isaacson procured the Los Angeles-based buyer. The price calculates to $213,636 a unit. Recent comparable deals in the region include Morgan’s closure of a May transaction which netted $19.3 million, or $200,337 per unit, for 96 units at Valerio Village Apartments in Van Nuys; the 31 units at 7507 Sepulveda Blvd. which sold in March for $6.13 million, or $197,580 a unit; and the 44 units at Pebble Creek Apartments in North Hills at 14725 Titus St., which in March sold for $8.9 million, or $202,272 per unit. “We continue to be optimistic about the future of multifamily in the Los Angeles area. With such a large backlog of need in the Los Angeles area, we feel that the Los Angeles marketplace will continue to be one of if not the best investor-driven markets in the country for multifamily properties going forward,” Morgan said in a statement.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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