The two-level, 118-unit complex is located at 6322 Reseda Blvd. According to CoStar data, it has an average unit size of 768 square feet.
Marcus & Millichap’s Michael Sterman, vice president investments, and Jeff Louks, executive managing director investments, based at Marcus & Millichap’s Encino office, transacted the deal on behalf of the seller and buyer, both private investors.
“With only about 6,500 market-rate units, Tarzana is one of the smallest multifamily submarkets in Los Angeles, and with fewer than 10 sales recorded in a typical year, apartment sales are relatively rare,” Sterman said in a statement.
“Vacancies are low in Tarzana and the property’s close proximity to Ventura Boulevard and Warner Center will help ensure future rent growth,” added Louks.
Comparable area sales include the February sale of the 199-unit complex at 4201 Topanga Canyon Blvd. in Topanga Canyon, which garnered $37 million, or $185,929 a unit; the 146-unit 15950 Sherman Way in Van Nuys, which last December fetched $50 million, or $342, 705 per unit; and the 174 dwellings at 21425 Vanowen St. in Woodland Hills, which landed $70.5 million, or $405,172 per unit, last November.