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VAN NUYS, CA-A 161-unit apartment complex in Van Nuys has been purchased by a San Diego-based limited partnership in a deal valued at $10.3 million. Located at 15425 Sherman Way, the Meadowbrook Apartment complex encompasses 113,758 sf. It was 99% occupied at the time of sale. Built in 1976, the property was purchased in 1994 by the seller, New York-based group trust Sentinel Real Estate Funds.

The deal was brokered by Gregory Harris and Ronald Harris of Marcus & Millichap. Gregory Harris works out of the firm’s Encino office and Ronald Harris is based in the company’s Los Angeles office.

The buyer plans to invest in capital improvements, as part of a long-term repositioning strategy, according to a company spokesperson. “Despite this property’s age relative to the amount of surrounding new product, we were able to demonstrate to the buyer that with renovation and repositioning, as an investment, Meadowbrook has tremendous upside potential,” says Gregory Harris. “In the face of the volatility of the national economy and the local real estate market, apartments are sound investments.”

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