El Segundo, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm announces the sale of a 32-unit apartment building in Van Nuys, California for $9,095,000. The multifamily property is located at 14153 Victory Boulevard. The Matthews™ listing team included Senior Vice President & Senior Director Daniel Withers, EVP & Managing Director David Harrington, and Associate John Boyett.
The Victory Apartments consist of 32 completely remodeled units built in 1977. The property offers an excellent unit mix of 29 one-bedroom, one-bath, 2 two-bedroom, one-bath and 1 three-bedroom, two-bath apartments. “The multifamily property is situated in one of the highest density rental markets in Los Angeles near restaurants, coffee shops, shopping, and entertainment,” said Associate of Multifamily, John Boyett. Van Nuys is one of the densest rental markets in Los Angeles with a projected growth of over 4% in 2022. There is an additional 42% rent upside in the remaining 7 units that have yet to be remodeled.
“The completely remodeled building was built prior to 1978 and is therefore subject to Los Angeles City rent control ordinances,” said Senior Vice President and Senior Director of Multifamily Daniel Withers. “We are pleased to have arranged a transaction with such a high price per unit for the seller.” The seller, a family partnership, was looking to reposition equity. According to Costar, the asset boasts the highest price per unit and price per square foot in the past 12 months for a commercial multifamily building constructed prior to 1978 in Van Nuys.
For more information regarding the sale of The Victory Apartments at 14153 Victory Boulevard or if you have any questions relating to multifamily investments, please do not hesitate to reach out to John Boyett or Daniel Withers. To view our current listings, please visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.