Lake Balboa | 4 Unit Development
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And Project Summary
The LAAA Team and Matt Ziegler of Marcus & Millichap are proud to announce the successful sale of 16647 Victory Boulevard, a development site to build 4 units in Van Nuys, CA.
Deal Story
We co-listed this deal in mid-April 2023 with our Marcus & Millichap colleague, Matt Ziegler. Within less than 30 days on the market, we secured an offer from a client of an outside broker, who offered the full list price. The seller countered some of the offer terms but ultimately agreed to the price. We opened escrow a few days later at $1,075,000, with a 5-day due diligence period and a 45-day closing timeline. The buyer removed contingencies without requesting any credit or price reductions, which allowed us to proceed towards closing.
However, as we approached the closing date, our plans were delayed due to the City's slow approval process. We had expected to receive full RTI (Ready to Issue) approval by the end of May, but due to the City's inefficiencies, the approval was delayed for at least another month. In response, we decided to push our closing date back to the end of June, but even with the extended timeline, it proved insufficient. The City's refusal to cooperate created uncertainty about when we would receive full RTI approval. It could be a matter of days, weeks, or even months.
And Project Summary
The LAAA Team and Matt Ziegler of Marcus & Millichap are proud to announce the successful sale of 16647 Victory Boulevard, a development site to build 4 units in Van Nuys, CA.
Deal Story
We co-listed this deal in mid-April 2023 with our Marcus & Millichap colleague, Matt Ziegler. Within less than 30 days on the market, we secured an offer from a client of an outside broker, who offered the full list price. The seller countered some of the offer terms but ultimately agreed to the price. We opened escrow a few days later at $1,075,000, with a 5-day due diligence period and a 45-day closing timeline. The buyer removed contingencies without requesting any credit or price reductions, which allowed us to proceed towards closing.
