August 8, 2016
Berkadia completed the $10.1-million sale of a development site in Van Nuys, CA. The land was acquired, in an all-cash transaction, by Sherman Oaks, CA-based IMT Residential from Los Angeles-based Maryland Estates Inc.
The 1.22-acre lot is located at 6500 Sepulveda Blvd., is zoned R4 and includes a “By-Right” development potential of about 133 units without density bonus. Originally located on the site was the 128-room Voyager Motor Inn, which was destroyed when a fire broke out during the marketing campaign.
Berkadia’s Daniel Withers, who facilitated the sale, says, “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.”
For comments, questions or concerns, please contact Dennis Kaiser