Northmarq has arranged the sale of Vanowen Apartments, a low-rise multifamily community in Van Nuys, for $5.25 million. The 24-unit property is located at 15022 Vanowen St. and was marketed by Northmarq’s El Segundo Investment Sales team led by Brent Sprenkle, working in conjunction with the firm’s Los Angeles office led by Elliot Hassan and Mike Hanassab. The Northmarq team represented the seller, David H. Greenhut, in the transaction. The buyer is The El Camino Trust.
According to Northmarq, Vanowen Apartments offered investors a stabilized, well-maintained asset supported by a series of recent capital improvements. Hassan noted that upgrades including a new roof, enhanced electrical systems and copper plumbing were already in place at the time of sale. He added that these improvements allowed the buyer to acquire a property that was effectively stabilized from the outset, which was a key factor in achieving the final sale price.
The community comprises one- and two-bedroom apartment homes and includes onsite laundry facilities. Select units have been renovated, and the building features upgraded electrical sub-panels, further reinforcing the capital improvement story. These enhancements reduce near-term building systems risk for the new owner and help position the asset as a turnkey acquisition rather than a heavy value-add play.
Vanowen Apartments is situated on a 0.50-acre parcel and encompasses a total of 27,644 square feet, according to information provided by Northmarq. The low-rise configuration and recent improvements are intended to support both operational efficiency and resident appeal, while the unit mix offers a combination of smaller and larger layouts through its one- and two-bedroom homes.
By combining building system upgrades, renovated interiors in select units and functional community amenities such as onsite laundry, the property was marketed as a ready-to-own investment with limited immediate capital expenditure needs. Northmarq indicated that these characteristics were central to investor interest and ultimately to the completed sale between David H. Greenhut and The El Camino Trust.
