Los Angeles Community Trades for $20M
- May 25, 2020
Kelly Morgan Group at KW Commercial has brokered the sale of Valerio Village Apartments, a 96-unit community in Van Nuys, Calif. A private investor acquired the property for more than $19 million. According to Yardi Matrix data, the asset last traded in 2016, for $14.3 million.
Delivered in 1964, the community comprises two-bedroom apartments, with private balcony/patio in select units. According to Yardi Matrix, common-area amenities include a swimming pool and laundry facilities. The property also features 100 parking spaces. According to Kelly Morgan Group, the initial buyer attempted to cancel due to the lockdown. The brokerage assigned the purchase agreement to a replacement buyer.
Located at 14420 Valerio St., on approximately 3 acres, the 6-building asset is within 2 miles of Interstate 405. The surrounding area has several retail and dining options, including Panorama Mall, which is 2 miles from Valerio Village. The community is also within 2 miles of a 44-unit property, which traded in March. The asset changed hands for $8.9 million.