Panorama City Apartment Complex Changes Hands

Calabasas real estate brokerage firm Marcus & Millichap Inc. said it has arranged for the sale of a Panorama City apartment complex for nearly $10.3 million. Elit Property Management in Los Angeles bought the 53-unit La Paloma Apartments at 8616 Willis Ave. for more than $194,000 a unit from S&P Partnership in Roseville. According to real estate database provider, CoStar Realty Information Inc., the complex last sold in 2013 for $7.2 million. La Paloma, built in 1990 and close by the Panorama Mall, has below-ground parking, a pool, on-site laundry and an intercom entry. Features of the units include central air conditioning and walk-in closets. “The property is a market-rate, multifamily asset that recently received a new sun-reflective roof and common area and unit renovations,” said Jeff Louks, executive vice president of investments for Marcus & Millichap, who negotiated the deal on behalf of the seller. “The new owner is in a good position to continue to upgrade the apartment interiors and enhance revenue.”