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$5.25 million sale closes for Vanowen Apartments in Van Nuys

The 24-unit multifamily property traded for $5.25 million, and the seller said capital improvements including a new roof, upgraded electrical, and copper plumbing helped attract the buyer.

Reported · Written up by our desk · Residential

Northmarq brokered the $5.25-million sale of Vanowen Apartments, a 24-unit low-rise multifamily community at 15022 Vanowen St. in Van Nuys, according to ConnectCRE.

ConnectCRE said Northmarq’s El Segundo Investment Sales team, with support from its Los Angeles office, represented the seller, David H. Greenhut, while the buyer was The El Camino Trust.

The outlet reported that prior capital improvements were already in place, including a new roof, upgraded electrical, and copper plumbing, which enabled the buyer to take on a stabilized asset from the start.

ConnectCRE also quoted Elliot Hassan, who tied the pricing to those improvements, saying they were a key reason the property sold at the price it received.

Latest closeCopper $6.544 ▼0.8%

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