LA Community Trades for $9M

Matthews Real Estate Investment Services brokered the sale of a 56-unit Van Nuys community. The sale price equates to $272.8 per square foot.

6833 Sepulveda Boulevard, Van Nuys, Calif.
6833 Sepulveda Boulevard, Van Nuys, Calif.

RCG Inc. has acquired a 56-unit community in Van Nuys, Calif., for $9.5 million, or $272.8 per square foot. Newport Property Investments LLC sold the property to the 1031 exchange buyer, which also assumed the first trust deed. Matthews Real Estate Investment Services completed the sale on behalf of the seller.

Located at 6833 Sepulveda Blvd., the property is near Interstate 40S, within 30 minutes of downtown Los Angeles. Built in 1967, the community features a mix of studio, one- and two-bedroom apartments averaging 748 square feet and featuring indoor corridors and private balconies and patios. Community amenities include:

  • controlled access
  • swimming pool
  • laundry facilities
  • 56 parking spaces

Daniel Withers, senior vice president of multifamily at Matthews Real Estate Investment Services, led the transaction on behalf of the seller.

Image courtesy of Yardi Matrix