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Friday, Apr 19, 2024

Apartments Change Hands

Sales of three apartment complexes in the San Fernando Valley have been closed by Marcus & Millichap Inc. (MMI), the Calabasas real estate firm announced Wednesday, including a record-setting sale of a property in Panorama City. In North Hollywood, a 46-unit complex at 11840 Kittridge Ave. was purchased for $8.7 million. That’s about $189,000 a unit. Firm representatives Jeff Louks and Matt Zeigler, first vice president of investments, brokered the sale. In Sylmar, an individual buyer purchased the 18-unit Moderno Apartments at 12871 San Fernando Road for $4.8 million, a deal brokered by Senior Associate Meir Mark Frydman. That comes out to about $267,000 a unit. Also, a 12-unit building at 14112 Roscoe Blvd. was purchased for $2.1 million by a limited liability company, the firm said. The sale represents the highest price per unit ($175,000) and the highest price per square foot ($231) ever obtained for a rent-controlled apartment building in Panorama City. The buyer was represented by Catherine O’Brien, a Marcus & Millichap associate, while Matthew Luchs and Joshua Luchs, vice president of investments in the Encino office, represented the seller. “The seller was very meticulous in caring for the property and because of that was able to reap some real benefits at the end of the day,” Luchs said. “He made significant upgrades to the complex, including the roof and plumbing, and really capitalized on his investment.” The stock of Marcus & Millichap fell more than 2 percent (- 65 cents) Thursday to $27.03 a share.

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