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CANOGA PARK, CA-An affiliate of a private investment group based in San Diego has paid $6.9 million for a large apartment complex in this San Fernando Valley neighborhood.

The 102-unit complex is known as the Sorrento Apartments. It stands at 20211 Sherman Way.

The development was purchased by DLGP Real Estate Fund, a subsidiary of San Diego-based Davlyn Investments. It was sold by Fairfield Residential, which also is based in San Diego.

A Hendricks & Partners brokerage team of Dean Zander and Robin Ossenbeck represented both parties in the transaction.

As in most other parts of Los Angeles, apartment vacancies in Canoga Park and the rest of the San Fernando Valley have dropped to the low single digits as the soaring cost of buying a single-family home has made it impossible for even some relatively affluent renters to purchase a house. Rents and apartment-sale prices have also climbed steadily because construction still badly lags demand for new units.

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