Jad’s Garden, a 15-unit apartment complex in Studio City, has sold for $5.4 million, according to Calabasas-based brokerage Marcus & Millichap Inc.
The property at 4100 Whitsett Ave. changed hands for the first time in 21 years. The price represents more than $370 per rentable square foot.
Marcus & Millichap’s Rick Raymundo represented the seller in the transaction, but the brokerage did not reveal the names of either buyer or seller.
“The seller’s goal was to capitalize on the strong multifamily market and move their equity into retail assets that offer greater cash flow,” Raymundo said in a statement. “Meanwhile, the buyer was attracted to the upside they felt the property offered, particularly after their planned infusion of capital for property upgrades. The pending River Park redevelopment directly across the street also bodes well for the future of this already desirable neighborhood.”