A 30-unit multifamily sale in the North Hills submarket has sold for $5.48 million, according to Lee & Associates-LA North/Ventura.
Warren Berzack, a Lee principal and president of Berzack Investment Property Advisors, represented the seller, Orion Gardens LLC. Both Orion Gardens and the buyer, Cadet J Holdings LLC, are private investors.
Built in 1977, Orion Gardens, located at 8923 Orion Ave., is a low-rise apartment complex with a mix of one-bedroom, one-bath and two-bedroom, two-bath units.
“Orion Gardens is very well located adjacent to the 405 Freeway and close to groceries and other retail and schools,” Berzack said in a statement. “The rents were significantly under-market making it an excellent value-add opportunity.”