Sunland-Tujunga Multifamily Property Sells For Record $9M
Matthews Real Estate Investment Services has brokered what the firm says is a record sale of a multifamily property in the Sunland-Tujunga neighborhood of Los Angeles.
A Sussex Foothill LLC acquired the 38-unit Parkview East Apartments from 8608 Foothill Blvd. LLC for $9.15M. Matthews Real Estate Investments' Daniel Withers represented the seller.
Built in 1983, the 36K SF property sits on a 1.1-acre lot at 8608 Foothill Blvd. The 38-unit property features a mix of studio, two- and three-bedroom floor plans.
A Matthews spokeswoman said the Sunland-Tujunga submarket historically has some of the lowest vacancy rates and lowest inventory in the San Fernando Valley.
There were more than 45 interested buyers and the sale generated multiple offers. Citing CoStar records, the Matthews official said this is the highest sale price for an apartment building in the neighborhood.