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161-Unit Complex Sells for $10.3 Mil

VAN NUYS, CA-The multifamily property was 99% occupied at the time of sale. The buyer plans to invest in capital improvements as part of a long-term repositioning strategy for the property, which was built in 1976.

By Erin Cassin | Updated on August 30, 2001

VAN NUYS, CA-A 161-unit apartment complex in Van Nuys has been purchased by a San Diego-based limited partnership in a deal valued at $10.3 million. Located at 15425 Sherman Way, the Meadowbrook Apartment complex encompasses 113,758 sf. It was 99% occupied at the time of sale. Built in 1976, the property was purchased in 1994 by the seller, New York-based group trust Sentinel Real Estate Funds.

The deal was brokered by Gregory Harris and Ronald Harris of Marcus & Millichap. Gregory Harris works out of the firm’s Encino office and Ronald Harris is based in the company’s Los Angeles office.

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