The Azzi Group of Marcus & Millichap has closed the sale of 6121 Woodman Ave., a 45-unit apartment property in Van Nuys. The sale price was $9 million, or $200,000 per unit, at a 5.66% cap rate.
Tony Azzi, president and founder, The Azzi Group and Kristen Sullivan, director investments, represented the seller and procured the buyer. The property traded at 93% of the asking price.
Built in 1970 and situated on a 35,910-square-foot lot in one of the most active rental markets in the San Fernando Valley, the property spans 38,766 square feet and features a balanced mix of studios, one-bedroom, and two-bedroom units, according to The Azzi Group. In-place rents offer approximately 37% rental upside, providing strong value-add potential through renovations and improved management.
Tenants benefit from close access to the 405, 101 and 170 freeways, as well as major employment centers and shopping corridors. The property was featured on ApartmentBuildings.com.
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