CBRE announced the sale of a mixed-use development site in Van Nuys, CA for $9.5 million to FMB Development, LLC.
Laurie Lustig-Bower and Kadie Presley Wilson represented the seller, Blue Arch Investments, Inc, a local, private real estate investor. The buyer, FMB Development, a local developer, was represented by Reuben Benhaghnazar of Reuben Realty.
The 1.2-acre lot is located at 7111 North Sepulveda Boulevard near the intersection of Sherman Way in the San Fernando Valley neighborhood of Van Nuys. The site is entitled for a 6-story multifamily property featuring a total of 180 studio, one- and two-bedroom units as well as ground-floor retail space. It is in proximity to the 405 freeway as well as several shopping, dining and entertainment venues in Sherman Oaks, Encino and Warner Center.
“Demand for residential units, especially in areas that are aiming to be or become vibrant livework-play neighborhoods, is very much prevalent in Los Angeles, a region in great need of more housing” said Lustig-Bower. “This entitled mixed-use site sits in a dense, infill market, and the dirt sold for more than $50,000 per unit.”
The U.S. multifamily market has remained solid. Strong rental rate growth has been driven not just by changing home ownership preferences but also by the addition of high-end multifamily projects. Similarly, the outlook for retail in the Greater Los Angeles area remains steady over the next 12 months, according to CBRE’s latest quarterly report. Vacancy levels are projected to move up slightly throughout 2018, while rental rate growth is also expected to increase gradually over the next four quarters.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
