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Wednesday, Feb 28, 2024

Three Valley Apartment Complexes Sold to Investors

In another sign of the health of the local multifamily market, three Valley apartment complexes have sold or are about to sell to individual investors for a total of about $7.2 million, according to the broker involved in the deals. A 14-unit non rent-controlled building in Valley Village sold two weeks ago for $1.94 million. The property was on the market for only one week. Also, a 39-unit non rent controlled building in North Hollywood also closed escrow last week for $3.85 million, said Warren Berzack, a principal of The Berzack Group and Lee & Associates-LA North/Ventura, who along with his partners represented both the buyers and the sellers. “The market for well-priced, quality assets is extremely active and there is considerable demand for non-rent controlled assets in the San Fernando Valley,” Berzack said in a statement. Another building — an 8-unit apartment property in Glendale — is expected to close escrow Thursday for a price of $1.4 million, Berzack said. The property comprises two single family residences and one apartment building. Berzack and his partners represent the seller in that transaction. The buyers are individual investors, who Berzack declined to name.

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