Nuveen Rel Estate has sold San Regis, a 390-unit multifamily property in the Van Nuys neighborhood of Los Angeles, for an undisclosed sum. The sale represents the largest multifamily transaction by unit count in Van Nuys since 2015, according to Institutional Property Advisors (IPA), a division of Marcus & Millichap, which arranged the deal.
“As the boundaries and strong demographics of Sherman Oaks and Encino continue to push north, Van Nuys has benefited from strong demand for renovated apartment homes in the San Fernando Valley,” said Kevin Green, IPA executive managing director investments.
He continued, “Because of nearly $17 million invested in capital improvements since 2020, this 1960s-vintage asset’s effective age is closer to 2000, which helped drive interest and activity.” Green, Joseph Grabiec and Gregory Harris of IPA represented Nuveen in the sale.
San Regis is a five-building, gated community with two levels of subterranean parking, a Junior Olympic-sized swimming pool, three pickleball courts, and a modernized fitness center. All units have breakfast bars and a private patio or balcony. Renovated units have stainless-steel appliances, quartz countertops, Shaker-style cabinets, and updated plumbing and lighting fixtures.
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