Marcus & Millichap Sells Condominiums in Van Nuys, CA for $6.15M

VAN NUYS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of 99 condominiums within the 161-unit, 57,459-square foot Sonterra Homes, (top right photo) an REO complex in Van Nuys.

The sales price of $6.15 million represents $62,121 per unit.

Ron Harris, (bottom left photo) a senior vice president investments and senior director of the firm’s National Multi Housing Group in Los Angeles, represented the seller, a Chicago-based lender, and the buyer, Gidi Cohen of Cohen & Associates.

“This is one of the larger broken condo deals to close in the San Fernando Valley,” says Harris. “These units were selling for as much as $310,000 each in 2007.”

Located at 15425 Sherman Way, the property is situated between Sepulveda Boulevard and Interstate 405, within an easy commute to downtown Los Angeles, Beverly Hills /Century City, Warner Center and Burbank.

Property amenities include a swimming pool, spa, fitness center, ample controlled-access on-site parking, barbecue/picnic area and lushly landscaped mature-growth grounds with terra cotta fountains. The unit mix is 31 studios, 61 one-bedroom/one-bath units, six two-bedroom/one-bath units and one two-bedroom/two-bath apartment.

Van Nuys is in the heart of the San Fernando Valley.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716