Woodman Park Apartments, a 75-unit multifamily property located at 6205 Woodman Ave. in Van Nuys, has sold for the first time in more than 30 years for nearly $18.8 million.

Rick Raymundo, a senior managing director of Investments in the Los Angeles office of Marcus & Millichap, represented the buyer. According to CoStar data, the buyer has been identified as Westlake Village-based Ridan Inc. while the seller is Sherman Oaks firm United Overseas Investment Inc. First Century Bank handled the buyer’s financing.

Built in 1986, the three-story apartment building has 64,053 square feet.

"As expected, an asset of this size becoming available for the first time in more than 30 years generated plenty of interest," Raymundo said in a statement. "The property offered a unique blend of 34-percent rent upside, a low price per unit, a low price per square foot and 1980s construction.”

For reprint and licensing requests for this article, CLICK HERE.