Recent Capital Improvements Drive Van Nuys Apartment Deal
Northmarq’s El Segundo Investment Sales team led by Brent Sprenkle, in collaboration with the firm’s Los Angeles office led by Elliot Hassan and Mike Hanassab, brokered the $5.25-million sale of Vanowen Apartments, a 24-unit low-rise multifamily community located at 15022 Vanowen St. in Van Nuys. The Northmarq team represented the seller, David H. Greenhut. The buyer is The El Camino Trust.
“The capital improvements already in place — new roof, upgraded electrical, copper plumbing — meant the buyer could step in with a stabilized asset from day one, and it is exactly why this property sold for the price it got,” Hassan said.
Vanowen Apartments presented investors with an opportunity to acquire a well-maintained asset featuring recent capital improvements, according to Northmarq. The community offers one- and two-bedroom apartment homes with onsite laundry facilities, renovated units and upgraded electrical sub-panels. The asset sits on a 0.50-acre parcel and encompasses 27,644 square feet.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout