Properties | Village Grove

Village Grove

52-Unit Apartment Community

8938 Tobias Ave | Panorama City, CA

Sales Price: $10,780,000

Units: 52

Price per Unit: $207,308

Price per Sq. Ft.: $271.47

Year Built: 1988

Lot Size Sq. Ft.: 41,750

Gross Bldg. Sq. Ft.: 39,710

Net Rentable Sq. Ft.: 36,112

Close of Escrow: 6/29/17

The Harris Group, as the exclusive listing agent, is pleased to present the opportunity to acquire Village Grove, a 52-unit non-rent control multifamily apartment community located in Panorama City, CA. The property was constructed in 1988 totaling 39,710 gross square feet on a 0.96 acre lot. The unit mix is comprised of (44) one bedroom/one bathroom and (8) two bedroom/two bathroom units.  

The property’s location provides access to the I-5, I-405, and State Highway 170.  The convenient access to these major freeways enables residents to quickly and easily access prominent employment hubs including Valencia/Santa Clarita/Newhall, northern and western areas of the San Fernando Valley, Simi Valley, and the Tri-Cities.  Additionally, the nearby Van Nuys Metrolink station offers public transportation running between Lancaster to the north and Downtown Los Angeles (50 minutes) to the east.

  • Opportunity to Acquire a Well Maintained Asset in Panorama City
  • Low Submarket Vacancy Rate of 1.2% per REIS
  • Ability to Capture Over 10% Loss to Lease
  • Non-Rent Control Asset, Built in 1988
  • Only 1.6 Miles from the Van Nuys Metrolink Which Provides Easy Access to Downtown Los Angeles, Santa Clarita Valley, Woodland Hills and Other Major Cities in Los Angeles County