Two Valley multifamily complexes located within a mile of each other have sold for a total of $11.2 million. The two buildings, at 6115 Whitsett Ave. in North Hollywood and 13019 Oxnard St. in Van Nuys, comprise 62 total units.
The Oxnard Apartments was built in 1977 and has 30 apartments, according to real estate data provider CoStar Group Inc. It sold for $5.5 million, or about $183,000 a unit. The 24,430-square-foot property is located on the south side of Oxnard Street between Ethel Avenue and Tujunga Wash, with Coldwater Canyon Boulevard to the east. It offers one- and two-bedroom apartments with patios and balconies.
The Whitsett Avenue complex comprises 32 units on 25,796-square-feet and sold for $5.7 million, or about $180,000 a unit. It was built in 1976 and offers one- and two-bedroom units in a variety of floor plans. It is located between Coldwater Canyon Avenue and the 170 Freeway and Laurel Canyon Boulevard to the east.
“Assets of this size do not come on the market often, and both these properties offered a substantial rental upside, making them very attractive for our buyer,” said Warren Berzack, president of Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura office. Berzack and Lee principal Stephen Geiger handled both transactions.
According to CoStar, investors Peter and Barbara Coeler purchased both properties through private trusts. The transactions bring their multifamily portfolio up to 1,800 units, 1,000 of which are in the immediate area, making for economies of scale in building management. The sellers in both cases were family trusts that decided to divest after their principal owners died, according to Lee & Associates.