Crimson Holdings Acquires Multifamily Asset in San Fernando Valley

Crimson Holdings, a Los Angeles-based real estate investment and development firm, recently acquired 8750 Orion Avenue, North Hills for $4.46 million. The 50,000-square-foot, 40-unit building represents Crimson’s third multifamily acquisition in the San Fernando Valley.

“The fundamentals of the region are exceptional. Rents in the Northeast San Fernando Valley submarket are expected to grow another 3.6 percent this year. That’s on top of last year’s 6.4 percent jump in rents. That makes the San Fernando Valley one of the strongest rental markets in the country.”

“We’re strong believers in The Valley right now,” said Pamela Day, CEO of Crimson Holdings. “The fundamentals of the region are exceptional. Rents in the Northeast San Fernando Valley submarket are expected to grow another 3.6 percent this year. That’s on top of last year’s 6.4 percent jump in rents. That makes the San Fernando Valley one of the strongest rental markets in the country.”

8750 Orion Avenue was constructed in 1964. Crimson is planning a significant renovation of the building’s interiors and exterior to keep up with demands of the family-centric renters in the immediate area. The property is located just one block east of the 405 Freeway.

Crimson has been actively acquiring multifamily products in California under an aggressive turnaround management program that began in 2003. Crimson made its first foray into the San Fernando Valley in 2011.

The seller was self-represented. The buyer was represented by Ram Rafiee of BRC Advisors.

About The Crimson Companies

Founded in 2002, Crimson Holdings is a California-based real estate investment and services company headquartered in Los Angeles with a satellite office in San Francisco. The company acquires and develops multifamily and mixed-use properties throughout infill areas of California, and also offers a comprehensive array of real estate services including property management, construction management, development services, and investment management. Through its syndication and separate account businesses, Crimson Holdings is a strategic investor of real estate investments California. For further information on the Crimson Companies, please visit www.crimsonholdings.com.

Crimson Holdings 825 S. Barrington Ave., Suite 200 Los Angeles, CA 90049 T (310) 405-0901 F (310) 405-0914