Sunland-Tujunga Multifamily Property Sells For Record $9M

Parkview East Apartments sold for $9.1M
Courtesy of Matthews Real Estate Investment Services
Parkview East Apartments In Sunland

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Los Angeles Newsletters
Related Stories

Daniel Negari Buys Downtown LA Hotel For $34M

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

California Emerging As Data Center Fallback Market Amid Nationwide Opposition

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing

Chapman Market Owners Get $29M Refinance: The Los Angeles Deal Sheet

Lineage Suing Solar Company Altus Power Over Boyle Heights Warehouse Fire

DFW Multifamily Distress Creates Opening For Investors As Development Slows

HPP, Blackstone Nab Extension On $1.1B Loan Tied To 2.2M SF Hollywood Portfolio

Security Tech Firm Plans Loudoun HQ Move: The D.C. Deal Sheet

Prolific South Florida Developer Nick Rojo Dies At 44