- Berkadia Completes $10 Million Sale of California Development Site
Berkadia today announced the recent sale of a development site located at 6500 Sepulveda Blvd. in Van Nuys, California. Director Daniel Withers of the North Los Angeles office facilitated the $10.15 million sale, which was completed on July 8.
The buyer, IMT Residential, purchased the property from Maryland Estates Inc. in an all cash transaction.
“This is a great purchase for IMT Residential in that it allows them to continue to grow their footprint in the San Fernando Valley and enhance the overall makeup of the Van Nuys submarket,” said Withers.
The 1.22-acre lot with a R4 zoning has “By-Right” development potential of about 133 units without density bonus. It is conveniently located near Interstate 405, U.S. Route 101 and State Route 118, and within close proximity of the Sepulveda Basin Recreational Center, which features two parks and an 80-acre sports field, as well as Valley Presbyterian Hospital.
“We are excited to continue the expansion of our portfolio with the addition of another multifamily development project in the area,” said David Tedesco, principal of IMT Capital. “We will continue to provide the residents of San Fernando with a high standard of living that IMT is known for upon its completion.”
IMT plans on implementing its professional and strategic managing techniques to ensure steady and continual growth while maintaining the superior service that has allowed them to realize their well-earned reputation.
“We are excited to see what IMT Residential has in store for this site and believe that they will benefit tremendously with the current market conditions,” said Michael Bastan of Maryland Estates.
Vacancy rates in the Van Nuys market have fallen to 3.3 percent and rents have grown approximately 7.8 percent over the last year.
Originally located on the site was the 128-room Voyager Motor Inn, which was destroyed when a fire broke out during the marketing campaign. [San Fernando Valley Business Journal
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