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11/07/19
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A 30-unit multifamily property in the North Hills area of the San Fernando Valley sold for $5.475 mil, or $182.5k/unit. The buyer and seller are both private investors.
The property, Orion Gardens, is located at 8923 Orion Ave, south of Nordhoff St and just east of the 405 Fwy. Built in 1977, Orion Gardens is a low-rise apartment complex with a unit mix of single, one-bedroom/one-bath and two-bedroom/ two-bath units.
Warren Berzack with Lee & Associates-LA North/Ventura represented the seller, Orion Gardens LLC, in the transaction. The buyer was Cadet J Holdings LLC. According to Berzack, the rents were significantly under-market making it an excellent value-add opportunity.”
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