Los Angeles, CA –– NAI Capital Commercial is pleased to announce that Executive Vice President Kevin Kawaoka and Senior Vice President Michael Vara, with the Multifamily Services Group, successfully negotiated the sale of a 20-unit apartment building in Valley Glen, California. Kevin represented the buyer, a private investor, and Michael represented the seller, Greenbush Villa, LLC, in the transaction. The sale price totaled $6,750,000, or $337,500 per unit.
The property is located at 13426 Vanowen Street in the sought-after Valley Glen neighborhood of the San Fernando Valley. Constructed in 2005 and originally designed as condominiums, the apartment complex boasts an array of outstanding features, including expansive floor plans and high-end finishes. The well-appointed building comprises a blend of mostly two and three-bedroom units, substructure street level parking, and an array of units featuring private balconies.
Kevin said, ‘The buyer was extremely satisfied with the acquisition, anticipating an approximate 24% rental upside on this investment. Plans are already underway to enhance operational efficiencies within the asset, ensuring a prosperous and promising future for the new owner.” Kevin added, “This timing was perfect for the buyer’s 1031 exchange ahead of the extended October 16th deadline due to the declared state of emergency.”
Michael stated, “Amidst challenging negotiations, we bridged the differences between the buyer and seller, ensuring a strategic transaction. Effective planning was pivotal, and one of the key aspects of the deal was the coordination in waiving the prepayment penalty on the existing loan.” Michael continued, “Both the buyer and seller adjusted to the dynamics of the deal, facilitating a well-orchestrated closure.”
About NAI Capital Commercial
NAI Capital Commercial is the largest agent and employee-owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 300 brokerage offices and over 5,100 professionals spanning the globe, NAI Capital Commercial provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital Commercial offers innovative, customized solutions and seamless service to owners, tenants, investors, and developers throughout Southern California. Our clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital Commercial we work together putting our clients first.
