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8/01/14
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A fully occupied, 12-unit multifamily property in the southeastern San Fernando Valley community of Valley Village was purchased by a 1031 exchange buyer for $6.875 mil, or a substantial $573k/unit. Built in 2011, the property includes a mix of spacious three- and four-bedroom townhome-style units.
Units at the property, located at 5056 Laurel Canyon Blvd, all offer floor plans that are 2k sf or larger in size. They include hardwood floors, granite counter tops, stainless steel appliances, and washer/dryer hookups. The property also includes a covered parking garage.
Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company represented the buyer, Venture One LLC, in the transaction. The seller, Laurel Heights LLC, was repped by Peter Miller of KW Commercial.
“The Valley Village area near North Hollywood is a small community with very little product available to purchase,” said Skya-Wasserman, director with Charles Dunn Company. “This property was attractive to the buyer because there are very few options to rent higher-end, large townhome units like this. The majority of apartments in this area are older construction with the exception of IMT Residential’s new projects within the vicinity.”
Skya-Wasserman added that the non-rent controlled property was also in prime condition and required little to no maintenance.
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