Tarzana Apartment Complex Sells for $12 Million

Tarzana’s Clark Manor apartments have traded for more than $12 million, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc. The 48-unit complex on two parcels at 18553 and 18563 Clark St. sold for nearly $12.2 million, $253,125 per unit, to an undisclosed buyer. The complex is within walking distance of Village Walk at Tarzana, a Whole Foods Market and a Gelson’s Market. The property, built in 1960, will provide the buyer with significant revenue upside potential, said Jeff Louks, executive vice president of Marcus & Millichap, who with Senior Associate Brett Sanson, arranged the deal on behalf of the seller. Richard Ringer, senior vice president, represented the buyer. Jake Roberts, senior vice president, and Anita Paryani-Rice, vice president, with Marcus & Millichap Capital Corp., the brokerage’s financing arm, secured $7.5 million in financing for the deal with a 15-year term and a 3.4 percent fixed interest rate.