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8/28/20
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A private investor paid $5.1 mil for Delano Village, an 18-unit ($283k/unit) apartment property in the central San Fernando Valley community of Van Nuys. The property is located at 14161 to 14163 Delano St, south of Victory Blvd and east of Van Nuys Blvd. It’s just a few blocks from Van Nuys High School, which over the years has had a number of famous students, including Marilyn Monroe, Don Drysdale, Vince Van Patten, Ed Begley Jr, Robert Redford, Joseph Gordon-Levitt, Paula Abdul and Allen Wolfsheimer.
The two-building property totals 15.4k sf and includes 17 two-bedroom units and one one-bedroom unit. One building was built in 2014 and features 10 townhouse style floorplans. The second building was built in 1963 with seven of the eight units recently renovated.
The townhome and updated units include hardwood style flooring, stone countertops, stainless steel appliances, and onsite laundry, among other upgrades. The well-located property is two blocks from the Van Nuys Civic Center and provides nearby access to the 405 Freeway and the Metro Orange Line.
Mark Ventre and Darin Beebower of Stepp Commercial represented the buyer and the seller, a developer. The asset sold at a cap rate of 4.92%.
Beebower added, “An influx of high-income renters is continuing to migrate to the Van Nuys submarket. This area provides them with convenient access to employment centers, and is a more affordable alternative to the surrounding submarkets of Sherman Oaks, Studio City and North Hollywood.”
The residential vacancy rate in the Van Nuys submarket is at approximately 3.1%, which is one of the lowest in the greater Los Angeles region. Van Nuys has seen a 25% jump in rents since 2014 and nearly a 4% year-over-year increase from 2018 to 2019. This increase is largely due to a spillover affect given its proximity to pricier submarkets.
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