Avi Shlanger Acquires 75-Unit Multifamily In Panorama City For $17.3M

The multifamily property located at 8421 Cedros Ave in Panorama City has been sold for a total price of $17,300,000. The property consists of 75 units, with an average price per unit of $230,667. The total square footage of the property is 51,492, with an average price per square foot of $336.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $17,300,000
• Address: 8421 Cedros Ave, Panorama City
• Market: Panorama City
• Units: 75
• Price per unit: $230,667
• Square footage: 51,492
• Price per square foot: $336

The buyer of the property is Avi Shlanger, while the seller is Helen Mayer. The transaction was facilitated by brokers Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap.

According to the note from the broker, the property comprises 75 units and was built in 1986. It is not subject to LA Rent Control but is subject to AB-1482. The property had not been sold for 28 years, and during the sale process, it received 4 offers within a week. The winning buyer's offer was fully non-contingent, with an immediate release of deposit and the assumption of the seller's loan to save on prepayment fees. The property was sold for $17,300,000, resulting in a price of $230,667 per unit. The capitalization rate (CAP rate) is 4.13%, and the gross rent multiplier (GRM) is 13.20.