Institutional Property Advisors Closes 390-Unit Multifamily Sale in Van Nuys, Los Angeles

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving institutional clients, has closed the sale of San Regis, a 390-unit multifamily property in the Van Nuys neighborhood of Los Angeles, California, the firm announced April 22, 2026. The transaction represents the largest multifamily sale by unit count in Van Nuys since 2015.

Deal Overview: San Regis Multifamily Disposition

The seller, Nuveen, was represented by Kevin Green, IPA executive managing director investments, along with Joseph Grabiec and Gregory Harris of Institutional Property Advisors. The buyer was not identified in the announcement. Financial terms of the transaction were not disclosed.

"As the boundaries and strong demographics of Sherman Oaks and Encino continue to push north, Van Nuys has benefitted from strong demand for renovated apartment homes in the San Fernando Valley," said Green. "Because of nearly $17 million invested in capital improvements since 2020, this 1960s-vintage asset's effective age is closer to 2000, which helped drive interest and activity."

The disposition reflects a value-add investment strategy, with Nuveen Real Estate having invested approximately $17 million in capital improvements to the property since 2020. Renovated units include stainless-steel appliances, quartz countertops, Shaker-style cabinets, and updated plumbing and lighting fixtures.

Property Details and San Fernando Valley Location

San Regis is a five-building, gated multifamily community featuring two levels of subterranean parking, a Junior Olympic-sized swimming pool, three pickleball courts, and a modernized fitness center. All units include breakfast bars and a private patio or balcony.

The property's location in Van Nuys provides residents with access to Interstate 405, State Route 170, U.S. 101, State Route 134, and Interstate 5. The Van Nuys G Line Metro station and the Van Nuys Metrolink train station are in close proximity. According to IPA, approximately 2.9 million jobs in Sherman Oaks, Warner Center, Studio City, Burbank, Westwood, and Century City are accessible within a 30-minute commute from the property.

Value-Add Strategy and Affordable Housing Opportunity

IPA's brokerage team noted the property's potential for continued value creation following the sale. "We continue to provide investors with multiple opportunities to add value, including converting market-rate apartments to affordable housing," said Grabiec. No specific plans for the property following the sale were disclosed.

Van Nuys Multifamily Submarket

As the largest multifamily sale by unit count in Van Nuys since 2015, the transaction reflects institutional interest in the San Fernando Valley submarket. IPA noted that demographic and economic expansion from neighboring Sherman Oaks and Encino has increasingly benefited Van Nuys, supporting demand for renovated apartment homes in the corridor.

About Institutional Property Advisors

Institutional Property Advisors is a division of Marcus & Millichap focused on serving institutional clients through real estate investment and capital markets expertise, proprietary research, and technology-driven solutions for the acquisition, disposition, and financing of institutional properties and portfolios.

Sources: Institutional Property Advisors