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North Hills Apartment Building Sells for $5.5 Million

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.”

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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