Just Sold | Nordhoff Forty One
IREA is pleased to announce the sale of The Nordhoff Forty One, a 41-unit multifamily building at 14668 Nordhoff St in Panorama City. Closed at $9,730,000, the property on average offers larger units to tenants in a high density rental market.
“The buyer capitalized on purchasing a non-rent control asset (1990 built) comprised of predominately larger 2+2 units with some modernization already in-place. The buyer saw opportunity to improve upon what had been done and acquire a property in a growing sub-market of Los Angeles with increased rental demand for quality housing,” notes IREA associate Matt Sillaman.
Centrally located between the 405 and 170 FWY corridors, the property is strategically positioned. Additionally, the immediate location is adjacent to a major Valley intersection at Van Nuys Blvd and Nordhoff St.
IREA senior partner Chris Thompson, partner David Leibowitz, and associate Matt Sillaman represented the private buyer and seller.