45-Unit Apartment Complex in North Hills Sells for $11 Million

Langdon Villas in North Hills has sold to a pair of Los Angeles-based real estate investment firms for $10.8 million, or $239,555 per unit.Located at 8762 Langdon Ave., the 28,042-square-foot multifamily complex has 45 units with a mix of studio, one- and two-bedroom units. The property has not undergone significant renovations through the course of ownership, making it a value-add opportunity.Built in 1985, the property does not fall under the city of L.A. rent control regulations.Kidder Mathews’ Executive Vice President Janet Neman and Associate Angelica Gotzev represented the buyers, David Pourbaba with 4D Development & Investment and David Shalom with Woodland Investment Group.“The buyers own a large portfolio of similar buildings in the area, and this asset fits perfectly into their expansion program," Neman said in a statement. “They are looking to acquire additional apartment buildings in North Hills and throughout the San Fernando Valley.”Comparable recent multifamily deals in the North Hills submarket include the 30-unit complex at 8923 Orion Ave., which last year sold for $5.5 million, or $183,333 per apartment; and the 22-unit 8805 Orion Ave., which also sold last year for $4.7 million, or $213,666 per unit.