Matthews Real Estate Investment Services has brokered the sale of Pebble Creek Apartments, a 44-unit community in Panorama City, Calif., for $8.9 million. Executive Vice President & Managing Director David Harrington represented the seller, a private investor, and also procured the buyer, an active player in the Los Angeles County market. Harrington was also part of the brokerage team that recently arranged the $108 million portfolio sale of 17 Southern California properties.
Pebble Creek is at 14725 Titus St. in the San Fernando Valley neighborhood. The 1963-built community, totaling 41,656 square feet, needs soft-story retrofitting and the buyer intends to undertake the necessary work, as well as renovate and upgrade the property in order to reposition it.
The community is roughly 19 miles northwest of downtown Los Angeles, near Freeway 405. The immediate area holds various retail and dining venues, including two shopping malls within a 1-mile radius. The property is also within walking distance of Van Nuys Metro Station’s Orange line. The bus line is currently undergoing a $393 million improvement project intended to speed up service, with expected completion by 2025.