Just Sold | $22,752,600 San Fernando Valley Multifamily Portfolio
Totalling 123 units and closing at just under $23,000,000, IREA partner David Leibowitz closed a nine-property multifamily portfolio in the first week of March. None of the properties had been on the market for almost 50 years.
“The Buyer plans to implement an extensive renovation process that includes not only the exteriors, but also the interiors of the units’ as they turnover in order to capture the more than 40% potential upside in the rents. The closing of this portfolio in the valley is further evidence of the strong demand for renter occupied housing in the greater Los Angeles area. Multifamily in the San Fernando Valley is a conspicuously sound investment in the current economic climate,” notes Leibowitz.
The units were spread throughout the valley: 37 units at 8132 Langdon; 16 units at 6502 Vineland Ave; 18 units at 8924 Van Nuys Blvd; 15 units at 6461 Kester Ave; 10 units at 5840 Hazeltine Ave; 9 units at 6935 Woodman Ave; 12 units between the buildings at 14129 Gilmore St and 14133 Gilmore St; and 6 units at 14108 Gilmore St.
David Leibowitz is a partner at IREA and represented both the Seller and the Buyer. Recognized as one of LA’s top Commercial Real Estate firms, IREA provides client-focused brokerage and advisory services.