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1/02/20
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Erwin Apartments, an 18-unit multifamily property in the central San Fernando Valley community of Van Nuys, sold for $5.59 mil, or $310.5k/unit. The all-townouse complex is located at 14740 Erwin St, south of Victory Blvd and west of Van Nuys Blvd.
Built in 2007, the property falls within the age guidelines to make it exempt from California’s rent cap legislation taking effect in January, according to sources involved in the deal. Units at the property are roughly 900 sf in size and include two bedrooms and two baths, balconies and central air and heating.
Warren Berzack and Slavic Zlatkin with Lee & Associates-LA North/Ventura represented the seller in the transaction. Both parties were private investors.
“This property is non-rent-controlled with a lot of rental upside,” Berzack said. “Along with that, it is located in a very walkable neighborhood close to amenities, transportation and schools, making it a highly attractive investment.”
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