Utah investor buys Van Nuys senior housing complex for $50M
DeSola Capital Group has renovated more than 12,000 affordable housing properties in US
An entity controlled by L.A.-based Shapell Properties sold a 146-unit, government-subsidized senior housing complex in Van Nuys to a Utah-based affordable housing firm for $50 million, according to public records.
Van Nuys has seen some activity in the affordable housing arena as the city grapples with a lack of housing in this niche. In September, a prolific affordable housing developer Skid Row Housing Trust in Downtown Los Angeles announced plans to expand into Van Nuys with a 64-unit apartment building for low-income or very low-income tenants.
Corporation records show the seller of the 146-unit complex, located at 15950 Sherman Way, shares a principal address with Shapell Properties Inc, which invests in multifamily properties, open air retail centers, offices and apartments throughout California. The signatory on its state registration is Jon Sasaki, the chief financial officer at Shapell Properties. Sasaki did not return phone calls seeking comment.
The Park City, Utah-based buyer, known as Villa Valley Apartments LP, shares a principal address with the DeSola Capital Group. The signatory on its state registration is Gary Grant, the principal at DeSola. Grant, who declined to comment, has been involved in financing and renovating more than 12,000 units of affordable multifamily housing projects across the United States since 1980, according to DeSola’s website.