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7/26/16
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Valerio Apartments, a 96-unit multifamily property in the central San Fernando Valley community of Van Nuys, traded hands in a recent $14.3 mil transaction. The property, located at 14420-14432 Valerio St, north of Sherman Way and a block east of Van Nuys Blvd, was 100% occupied at the time of sale.
Constructed in 1963, Valerio is situated on a 2.59-acre lot convenient to Hwy 170 and I-5, as well as the 405 Fwy and Hwy 101. Shopping, restaurants, public transportation, hospitals and Los Angeles Valley College are all also nearby.
Valerio consists of six, two-story buildings with two-bedroom/one-bath apartments. Community amenities include a pool, a basketball court, on-site laundry facility, gated parking and underutilized storage areas that can be repurposed into a fitness center or community recreation room.
ARA Newmark Managing Directors Bryan Schellinger and Tyler Martin served as exclusive advisors to the sellers. Kelly Morgan with KW Commercial procured the Los Angeles-based buyer, Studio Vista LP.
The property fetched $149k/unit and $170/sf.
“Although the transaction was inundated with property-related challenges, including significant soft-story parking and a regulatory agreement dating back to the Northridge Earthquake, we were able to effectively position this asset as a value-add opportunity,” said Schellinger. “The buyer recognized its potential and saw a clear path to capturing more than 40 percent upside in potential revenue.”
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