80.3 F
San Fernando
Thursday, Nov 21, 2024

Van Nuys Apartment Building Sells for $18.8 Million

Woodman Park Apartments, a 75-unit multifamily property located at 6205 Woodman Ave. in Van Nuys, has sold for the first time in more than 30 years for nearly $18.8 million. Rick Raymundo, a senior managing director of Investments in the Los Angeles office of Marcus & Millichap, represented the buyer. According to CoStar data, the buyer has been identified as Westlake Village-based Ridan Inc. while the seller is Sherman Oaks firm United Overseas Investment Inc. First Century Bank handled the buyer’s financing. Built in 1986, the three-story apartment building has 64,053 square feet. “As expected, an asset of this size becoming available for the first time in more than 30 years generated plenty of interest,” Raymundo said in a statement. “The property offered a unique blend of 34-percent rent upside, a low price per unit, a low price per square foot and 1980s construction.”

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles