Lee & Associates-LA North/Ventura Transacts $5,590,000 Multifamily Sale

Property, consisting of 18 townhomes in L.A.’s Van Nuys submarket, sells for $310,556 PSF

 

LOS ANGELES — DEC. 10, 2019 – Erwin Apartments, a multifamily property consisting of 18 townhouse units at 14740 Erwin St. in the Van Nuys submarket of Los Angeles, has sold for $5,590,000 or $310,556 per unit, according to Warren Berzack, principal of Lee & Associates-LA North/Ventura (Lee LANV), who represented the seller with Lee Principal Slavic Zlatkin.

“This property is non-rent-controlled with a lot of rental upside,” Berzack said. “Along with that, it is located in a very walkable neighborhood close to amenities, transportation and schools, making it a highly attractive investment.”

Built in 2007, the property falls within the age guidelines to make it exempt from California’s rent cap legislation taking effect in January.

The property features 18 townhouses of about 900 square feet with two bedrooms and two baths, balconies and central air and heating.

The seller and buyer are both private investors.