80.3 F
San Fernando
Thursday, Dec 1, 2022
-Advertisement-

Valley Village Apartment Complex Sells for $2.8 Million

A seven-unit apartment building at 11565 Riverside Drive in Valley Village has sold for $2.8 million, or $400,000 per unit. Senior Managing Director/Investments Rick Raymundo in the Los Angeles office of Marcus & Millichap, a Calabasas-headquartered brokerage company specializing in multifamily, represented both the seller and buyer, each private individuals. According to CoStar Group, the seller was Florence Karraa of Tarzana, while the buyer is Oleg Kotlyarevsky of Studio City. The building, which was erected in 2000, sits on a 7,500-square-foot lot, with units commanding an average monthly asking rent of $1,882. “Even though the property was not subject to rent control by virtue of its construction in 2000, several potential buyers felt that the rents were still below market and that they could add value through income improvement almost immediately,” Raymundo 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.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-