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Friday, Jul 12, 2024

43-unit Apartment Complex in North Hills Sells for $16.3

Burnet Townhomes, a 43-unit multifamily complex in North Hills, has sold to a private investor for $16.3 million. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller, Canoga Park-based real estate management firm Deels Properties, in the transaction. According to CBRE, the property generated about 13 offers. Located at 9001-9009 Burnet Ave., the 71,306-square-foot property consists of 43 apartments with a mix of two-, three- and four-bedroom units. The apartments feature tri-level floor plans and range from 1,482 to 2,214 square-feet. Features include direct access private garages, central heat, air conditioning and in-unit washer and dryer hookups. Burnet Townhomes sits half of a mile east of the 405 freeway. The property is within walking distance of multiple community amenities, including North Hills Community Park, Sepulveda Recreation Center and Van Nuys Airport. “The property’s townhome-style floor plans with direct-access to private garages are in high demand by renters,” said Lustig-Bower. “We were able to generate approximately 13 offers, which garnered a great winning bid for the seller.” According to a CBRE research report, the vacancy rate in the Los Angeles multifamily market has been hovering at 3.6 percent in 2019’s second quarter. Los Angeles rents grew 2.9 percent over the prior year.

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.

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