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December 15, 2018
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Local Real Estate Investor Buys San Fernando Valley Development Land


FMB Development LLC paid $9.5 mil for a 1.2-acre development site in Van Nuys. The property, located at 7111 North Sepulveda Blvd, near the intersection with Sherman Way.

The property is in the central San Fernando Valley, close to the 405 Fwy as well as several shopping, dining and entertainment venues in Sherman Oaks, Encino and Warner Center. It is entitled for a six-story multifamily property consisting of 180 studio, one- and two-bedroom units as well as ground-floor retail space.

CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the seller, Blue Arch Investments Inc, a local, private real estate investor. The buyer, a local developer, was represented by Reuben Benhaghnazar of Reuben Realty.

“Demand for residential units, especially in areas that are aiming to be or become vibrant live-work-play neighborhoods, is very much prevalent in Los Angeles, a region in great need of more housing” said Lustig-Bower. “This entitled mixed-use site sits in a dense, infill market, and the dirt sold for more than $50k per unit.”

The U.S. multifamily market has remained solid. Strong rental rate growth has been driven not just by changing home ownership preferences but also by the addition of high-end multifamily projects. Similarly, the outlook for retail in the Greater Los Angeles area remains steady over the next 12 months, according to CBRE’s latest quarterly report. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.

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