Why Out-of-Towners Love the Valley
The San Fernando Valley is far from the suburbs of yesteryear, with investors from the other side of the hill, and even out of state, getting more involved. Confidence is at an all-time high and we've gathered the best and brightest to tell you what to expect in the coming years at Bisnow's 3rd annual Future of the Valley on Thursday, Oct. 1, at Corporate Pointe at West Hills (8411 Fallbrook Ave in West Hills), starting at 7:30am.
Among our all-star panelists will be Lee & Associates managing director Jim Fisher (beaming at daughter Christina's wedding in July). Earlier this year, Jim sold the 120-unit IMT Encino (5501 Newcastle Ave) on behalf of IMT Residential for a record-setting $44M to an exchange buyer who owns other property in Downtown and the Westside. This was the private investor's first acquisition on the "other side of the hill." According to Jim, the aggressive 4% cap rate speaks to the confidence people have in the San Fernando Valley. He also sold a 65k SF retail deal in North Hollywood for $43M to another private individual from outside the Valley. The property, which is anchored by 24-Hour Fitness and includes Big Wangs sports bar, was marketed as part of the NoHo Commons complex.
Another recent large deal for Jim was the $20.4M sale of IMT Glendale (above), a 67-unit property at 1630 Calle Vaquero. Most of Glendale's multifamily buildings contain 50 units or less, so it attracted a lot of interest (54 signed confidentiality agreements!). In the past year, he's completed 10 transactions in the Valley totaling nearly $150M in sales. He notes part of the market's appeal is that rents are lower than the Westside, yet the Valley offers many of the same amenities. (Another factor: occupancies north of 96%.) One emerging market to keep an eye on, Jim says, is North Hollywood, which has seen positive changes due to new development, a public transportation hub, good nightlife, and proximity to entertainment jobs in the East Valley and Tri-Cities. To hear more, join us for Bisnow's 3rd annual Future of the Valley on Thursday, Oct. 1, at Corporate Pointe at West Hills (8411 Fallbrook Ave in West Hills), starting at 7:30am. Sign up here!