Los Angeles – CBRE announced the sale of four multifamily properties in North Hollywood and Panorama City, Calif. for a total of $13.1 million.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the buyer, Silvan, LLC, a long-term owner and operator of apartment buildings in the San Fernando Valley area. The properties were sold due to a court-ordered partition action subject to a Los Angeles County Superior Court auction and overbid procedure at the time of the court hearing approving the sale.
“This offering generated strong interest for the entire portfolio as well as for the individual buildings,” said Lustig-Bower. “Ultimately the court’s decision was to proceed with a single buyer for all four assets.”
The first, a 10-unit property, is located at 8849 Van Nuys Blvd in Panorama City and totals about 10,310 square feet. The second asset, which is also in Panorama City, is located at 7817 Ventura Canyon Ave, totaling 24,234 square feet and 26 units. The third property is situated at 6943 Whitsett Ave in North Hollywood, measuring 22,501 square feet and featuring 25 units, and the fourth building is located at 6961 Whitsett Ave in North Hollywood, totaling 19,101 square feet and 22 units.
Paydar added, “Buyer interest was driven by the value-add nature of this portfolio, and the potential to increase rental revenue through property renovation and improved management.”
The court-appointed referee, Stephen J. Donell, acted as the seller in the transaction and was also represented by Lustig-Bower and Paydar.
North Hollywood and Panorama City are densely populated submarkets, demonstrating strong multifamily fundamentals with occupancy levels in the 97 percent range. The Los Angeles multifamily market has been extraordinarily dynamic over the past year, with net absorption and delivery totals reflecting sustained high levels of demand and completions, according to CBRE research.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
