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12/20/17
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In a recent multifamily investment buy, Los Altos based Interstate Equities Corporation purchased a 45-unit, non-rent controlled, value-add apartment building in Van Nuys for $10.025 mil, or $223k/unit. The property is located at 15314 Gault St, south of Sherman Way and west of Sepulveda Blvd.
Built in 1979, the property features a unit mix with two studio, 33 one-bedroom and 10 two-bedroom floor plans. The property offers ample parking, a swimming pool and a community rec room for tenants. It was 98% occupied at the time of the sale.
Jim Fisher and Mike Smith of Berkadia represented the buyer and the seller, Gault LLC, in the transaction. The listing received multiple offers and sold at just over asking price.
“The pricing achieved is indicative of the market. IEC paid all cash for the property and closed on-time at the contracted price. Buyers are very willing to pay low cap rates when there is tangible upside,” said Fisher.
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