Northmarq’s Investment Sales team secures $5.25M sale of 24-unit multifamily property in Van Nuys
Image source: Northmarq
VAN NUYS, Calif. — Northmarq’s El Segundo Investment Sales team led by Brent Sprenkle, in collaboration with the firm’s Los Angeles office led by Elliot Hassan and Mike Hanassab, brokered the $5.25 million sale of Vanowen Apartments, a 24-unit low-rise multifamily community located at 15022 Vanowen St. in Van Nuys, California.
Northmarq represented the seller, David H. Greenhut, in the transaction. The buyer is The El Camino Trust.
“The capital improvements already in place — new roof, upgraded electrical, copper plumbing — meant the buyer could step in with a stabilized asset from day one, and it is exactly why this property sold for the price it got,” Hassan said.
Vanowen Apartments presented investors with an opportunity to acquire a well-maintained asset featuring recent capital improvements, including upgraded electrical sub-panels, a newer roof and copper plumbing.
The community offers one- and two-bedroom apartment homes with on-site laundry facilities, renovated units and upgraded electrical sub-panels. The asset sits on a 0.50-acre parcel and encompasses 27,644 square feet.
The community is conveniently located within walking distance of Van Nuys Presbyterian Hospital, local bus stops, a five-minute drive to Van Nuys Metrolink Station and 29 minutes from LAX. Residents also benefit from access to dining, entertainment and retail destinations throughout the San Fernando Valley.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
