15865
VANOWEN STREET
VAN NUYS, CA 91406
16 UNITS | BUILT IN 1976
10 OFFERS | ALL-CASH BUYER
By Eric Dilanian
THE ASSIGNMENT
The sale of 15865 Vanowen Street marked the second successful apartment-building disposition Eric Dilanian completed for the same client. After previously representing the seller in the sale of a 17-unit Los Angeles apartment building, Eric was entrusted with the sale of this 16-unit Van Nuys–Lake Balboa property during a challenging and uncertain market.
Offered for sale for the first time in approximately 40 years, the property required a strategy that could establish credible market value, generate broad exposure among qualified multifamily investors, and create competition despite elevated borrowing costs and stricter lender underwriting.
Eric’s strategic marketing and offer-management plan generated 10 offers, giving the seller multiple qualified options and the ability to evaluate each buyer based on price, terms, financial strength, and certainty of performance.
The property ultimately sold for $1,957,000 to a 100% cash buyer with no financing or appraisal requirements and closed within a 27-day escrow. Eric exclusively represented the seller throughout the successful transaction.
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16-unit apartment building in Van Nuys–Lake Balboa
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100% all-cash closing
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No financing or appraisal contingencies
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27-day escrow
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Eric Dilanian exclusively represented the seller
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Second successful apartment-building sale completed for the same client
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Qualified buyer selected based on price, terms, and ability to perform
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Closing supported by trusted broker relationships developed over more than a decade
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First time offered for sale in approximately 40 years
THE RESULTS
SOLD PRICE
(15865 VANOWEN STREET)
$1,957,000
OFFERS
GENERATED
10
THE DEAL STORY
Offered for sale for the first time in approximately 40 years, 15865 Vanowen Street came to market during a period of elevated borrowing costs, stricter lender underwriting, and continued economic uncertainty. The seller needed to establish a credible market value for the long-held asset while generating competition and identifying buyers capable of performing without uncertain financing.
Eric developed and executed a customized marketing plan designed to reach active apartment investors throughout Van Nuys, Lake Balboa, the San Fernando Valley, and the broader Greater Los Angeles multifamily market. The campaign emphasized the property’s 16-unit scale, 1976 construction, low acquisition basis, balanced unit mix, R3-1 zoning, substantial land area, and potential to explore additional units under SB 1211.
The campaign generated 10 offers. Rather than evaluating price alone, Eric carefully reviewed each proposal based on contingency structure, financial qualifications, closing timeline, and overall probability of performance.
This disciplined offer-management process allowed the seller to select the buyer offering the strongest overall combination of price, terms, and certainty of execution, rather than simply accepting the highest stated number.
THE INVESTMENT OPPORTUNITY
15865 Vanowen Street offered investors the opportunity to acquire a 16-unit apartment building at a comparatively low basis in the Lake Balboa area of Van Nuys.
Built in 1976, the property features a balanced unit mix of 14 one-bedroom units and two studio units. The approximately 9,460-square-foot building sits on approximately 13,494 square feet of R3-1-zoned land, providing investors with both an existing multifamily asset and potential long-term value-add opportunities.
The site also offered the potential to explore additional housing under California’s SB 1211, with the existing configuration and available open space providing the potential to explore as many as eight detached accessory dwelling units. Any future ADU count, design, placement, or feasibility remains subject to independent verification, applicable development standards, utility capacity, and governmental approval.
Located in the Lake Balboa area of Van Nuys, the property provides convenient access to Lake Balboa, the Sepulveda Basin Recreation Area, Sherman Oaks, North Hollywood, Encino, CSU Northridge, and the 405 and 101 freeways. The surrounding neighborhood has a Walk Score of 67, with certain errands and daily needs accessible on foot.
LONG-STANDING BROKER RELATIONSHIPS
The successful closing of 15865 Vanowen Street was also supported by a trusted broker relationship developed over more than a decade.
Eric had completed a separate transaction with the successful buyer’s agent approximately 10 years earlier. The professional relationship and rapport built since that closing provided greater confidence in the buyer’s representation, communication, and ability to perform.
That established relationship helped support an efficient transaction and gave both sides greater confidence throughout the escrow process. The selected buyer ultimately purchased the property entirely in cash, eliminating financing and appraisal risk and providing the seller with greater certainty of closing.
TRANSACTION EXECUTION
After generating 10 offers, Eric carefully evaluated each proposal based on price, contingency structure, financial qualifications, closing timeline, and overall ability to perform. This allowed the seller to select a qualified buyer offering the strongest combination of price, terms, and certainty of execution.
The selected buyer purchased the property entirely in cash, eliminating financing and appraisal contingencies and reducing the seller’s closing risk. The transaction successfully closed for $1,957,000 within a 27-day escrow.
The closing marked Eric’s second successful apartment-building sale for the same client, following his prior representation of the seller in the disposition of a 17-unit Los Angeles property.
The successful transaction demonstrates how comprehensive market exposure, disciplined offer evaluation, qualified buyer selection, and reliable execution can produce a smooth and certain closing even in a challenging multifamily investment market.
WHY THE SELLER CHOSE ERIC DILANIAN
After Eric successfully represented the seller in the disposition of a 17-unit Los Angeles apartment building, the client entrusted him with a second significant multifamily sale. That previous experience established a relationship built on trust, careful execution, and proven results.
For 15865 Vanowen Street, the seller needed an advisor who could accurately position a long-held asset, generate broad market exposure, create competition, and carefully distinguish qualified buyers from those dependent on uncertain financing.
Eric combined comprehensive marketing, disciplined offer management, established broker relationships, and careful buyer selection to generate 10 offers and identify an all-cash buyer offering the strongest overall combination of price, terms, and certainty.
The successful $1,957,000 closing marked Eric’s second apartment-building sale for the same client and reinforced the value of trusted representation when navigating a challenging multifamily investment market.
When execution matters most, owners turn to Eric Dilanian - Northeast Los Angeles' leading local apartment investment advisor.
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