Encino Apartment Building Sells for $7.4 Million

A 27-unit multifamily property at 5354 Yarmouth Ave. in Encino has sold for $7.4 million, or $342 per square foot. Marcus & Millichap Senior Managing Director of Investments Rick Raymundo represented both seller and buyer in what was part of a 1031 exchange. Umpqua Bank provided the financing. “A property of this size coming available in Encino is rare, as only five apartment buildings with more than 25 units have sold here since 2013, so we were able to attract plenty of attention to the listing,” Raymundo said in a statement. The sales price breaks down to a value of $275,000 per unit.