|
|
5/04/16
|
A 35-unit multifamily property in the eastern San Fernando Valley community of Panorama City sold for $5 mil, or $170k/unit. The buyer had already owned the property next door and was in the middle of a 1031 Exchange, which he satisfied through this transaction.
The property is located at 8759 Tobias Ave, north of Parthenia St and a block west of Van Nuys Blvd. It consists of two buildings surrounding a large courtyard. The parcel, including carports and driveways, totals 42.5k sf.
Rick Raymundo with Marcus & Millichap represented both the buyer, a family trust, and the seller, a private LLC. "There was plenty of interest and we fielded several offers," explains Raymundo. “Ultimately the property was most valuable to the neighboring owner, particularly given that he was able to exchange out of two smaller apartment buildings to consolidate his investment into a building and area he knew very well."
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
