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The Foto Finisher






LOS ANGELES COUNTY NEWS
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Panorama City Apartment Property Sells for $22 Mil

6/10/14

An LA-based private investor paid $22 mil for a 201-unit multifamily property in Panorama City. Located at 9010 Tobias Ave, west of Van Nuys Blvd and south of Roscoe Blvd, the property sold at a cap rate of 5.3 percent and a unit price of $109.5k/unit.

Built in 1972 and situated on 2.4 acres, the asset includes 102 one-bedroom/one-bath units, 51 studio units, and 48 two-bedroom/two-bath units. The four-story property includes two elevators, center courtyard that includes a pool and spa; recreation room and gym; controlled access; and semi-subterranean parking spaces. Many of the units have been recently renovated.

Hamid Soroudi of Charles Dunn Company represented the seller, Tobias Partners LP. The buyer was PJCF-T2 LLC.

“The Panorama City multifamily market is strong with vacancies currently under 3 percent and no new development underway,” said Soroudi. “The buyer was able to acquire a quality asset and has an upside potential of gaining additional income as rents roll and are brought up to market rates.”




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