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Sunday, Mar 3, 2024

Van Nuys Multifamily With 96 Units Sells for $19 Million

A 96-unit apartment building in Van Nuys has sold for just over $19.3 million, or $200,337 a unit, said Kelly Morgan Commercial Group at KW Commercial, which transacted the deal within the pandemic period. Valerio Village Apartments, located at 14420-14432 Valerio St., was built in 1983 and has 83,980 square feet on two stories. The multifamily complex sold to a San Diego-based private investor in an off-market deal and Kelly Morgan represented both sides of the deal. CoStar Group data identifies the seller as Westlake Village-based Ridan Inc. The deal was not without its pandemic-related complications. After going non-contingent with three quarters of a million dollars released to the seller, the initial buyer attempted to cancel due to the lockdown. Morgan assigned the purchase agreement to a replacement buyer, “who recognized that the intrinsic value of Los Angeles multifamily has not changed,” according to a company press release. “Although there is uncertainty in the marketplace, we’re not seeing substantially lower prices for multifamily and there’s no guarantee that we ever will,” continued Morgan. “One thing I can guarantee is Los Angeles hasn’t solved its housing crisis.” Recent comparable area deals include 7507 Sepulveda Blvd., a 31-unit building in Van Nuys which sold in March for $6.13 million, or $197,580 a unit; and the 44-dwelling Pebble Creek apartments in North Hills at 14725 Titus St., which sold in March for $8.9 million, or $202,272 per unit.

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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