Northmarq’s Los Angeles investment sales team completes $14.9 million sale of multifamily property in Valley Glen, California

LOS ANGELES, CALIFORNIA (June 7, 2022) – Mike Hanassab, senior vice president, and Elliot Hassan, senior vice president, of Northmarq’s Los Angeles investment sales office brokered the $14.9 million sale of 13907 Oxnard Street. The 52-unit asset (with two recently built-out ADU units) is located in Van Nuys, California. Hanassab and Hassan represented the buyer, a private family that owns more than 2,500 units and manages another 4,000 units throughout the Los Angeles MSA. 

“This is the third asset over 40 units that we have sold to this buyer in the last 24 months on the same street,” noted Hanassab. “This property is a true mid-sized generational value-add asset in one of the densest sub-markets in the San Fernando Valley.” 

Property features:
• Built in 1964
• 44,342 sq. ft. 
• 42,136 sq. ft. lot size
• $286,538/sq. ft.
• $336/sq. ft.
• 3.42% cap
• 16.63 GRM

The property is conveniently located within miles of the Los Angeles Valley College, five transit/subway options, as well as numerous shopping centers, parks and entertainment options within the Valley Glen neighborhood or the adjacent NoHo Arts District.

Hanassab and Hassan joined the Northmarq investment sales platform in late May, joining five other brokers in the Los Angeles office. Having closed more than $3 billion in multifamily sales, the team has represented many different investors ranging from private parties to publicly traded REITs. Read more about the team’s arrival.