Local Private Investor Acquires 30-Unit Multifamily Property In Van Nuys For $9.5M

A 30-unit apartment property located at 7203 Rubio Avenue in Van Nuys, CA sold for $9.5 million, translating to $316,667 per unit. This multifamily asset was completed in 2013 and is notable for being exempt from the Los Angeles Rent Stabilization Ordinance, allowing for market rent resets upon tenant turnover.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,500,000
• Units: 30
• Price Per Unit: $316,667
• Broker: Neema Ahadian - Marcus & Millichap
• Mortgage Broker: Danny Abergel - Marcus & Millichap

Neema Ahadian represented the seller in this transaction while Danny Abergel facilitated the mortgage aspect of the deal, both working for Marcus & Millichap. This sale marks the property's first transaction since its completion.