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December 12, 2019
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SOUTHERN CALIFORNIA NEWS
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San Fernando Valley Multifamily Sale Closes at $379k/Unit

11/08/19

Burnet Townhomes, a 43-unit multifamily community in the San Fernando Valley community of North Hills, was purchased by a private investor in a recent $16.3 mil ($379k/unit) deal.

Located at 9001-9009 Burnet Ave, south of Nordhoff St and east of Sepulveda Blvd, the 71.3k sf property consists of two-, three-, and four-bedroom units. The apartments feature tri-level floor plans and range from 1.5k sf to 2.2k sf in size. Features include direct access private garages, central heat, air conditioning and in-unit washer and dryer hookups.

Burnet Townhomes sits just one half-mile east of the I-405 Fwy, which connects North Hills to the rest of Los Angeles County. The property is within walking distance of multiple community amenities, including North Hills Community Park and Sepulveda Recreation Center. Van Nuys Airport, one of the busiest general aviation airports, is located approximately three miles south of the site.

Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller, local real estate management firm DEELS Properties, in the transaction. The buyer was repped by an outside brokerage team.

“The property’s townhome-style floor plans with direct-access to private garages are in high demand by renters,” said Lustig-Bower. “We were able to generate approximately 13 offers, which garnered a great winning bid for the seller.”
Paydar added, “Burnet Townhomes is a well-maintained asset with a strong occupancy history over the past four years.”

The vacancy rate in the Los Angeles multifamily market was 3.6% in the second quarter of 2019—down 10 basis points (bps) year-over-year, according to a CBRE research report. Los Angeles rents grew 2.9% from the prior year.





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