Mission Hills Apartments Sell for $4.1 Million

A family trust has sold a Mission Hills apartment complex for nearly 58 percent more than what it paid for the building just three years ago. The entity, 9929 SEP, which represents the Kenworthy Family Trust, just sold a 23-unit apartment building at 9929 Sepulveda Blvd. for $4.1 million to individual investors Brian and Kristin Brahms, according to Paul Kenworthy, a commercial real estate broker. Kenworthy arranged the deal on behalf of his family’s trust, which paid $2.6 million for the building in 2013. Kenworthy said his mother and his six siblings decided to sell after seeing apartments sell for higher and higher prices in the hot market. The buyers were represented by Investment Real Estate Associates. “The buyers liked that it isn’t rent-controlled, has a nice mix of single, one- and two-bedroom apartments and is very well maintained,” Kenworthy said. Many other complexes they looked at had deferred maintenance and overpriced rents. Additionally, the buyers liked that there were 20-plus units because there’s usually less risk with more units, he added. After the sale, the Kenworthy family is exiting apartments to shift investment dollars to other assets. The family plans to buy a Vitamin Shoppe in Fort Wayne, Ind., a vacation home in Vail, Colo. and possibly an IHOP in Texas.