Former Van Nuys Hotel Site Sold

The site of the former Voyager Motor Inn in Van Nuys has been sold to an apartment developer, according to New York commercial real estate brokerage Berkadia. IMT Residential, the property management arm of L.A. multifamily real estate investment firm IMT Capital, paid $10.15 million for the 1.22-acre parcel at 6500 Sepulveda Blvd. from L.A.-based Maryland Estates Inc. in an all-cash deal, said Berkadia. Zoned for residential, the site can potentially hold around 130 units and sits near Interstate 405 and the 101 Freeway. “We are excited to continue the expansion of our portfolio with the addition of another multifamily development project in the area,” said David Tedesco, principal of IMT Capital, in a statement. The 45,000-square-foot structure was reported to have been an apartment building when it was built in 1964 but at some point changed to a hotel. A fire in 2013 destroyed the majority of the hotel. Berkadia Director Daniel Withers negotiated the deal on behalf of the seller.