Marcus & Millichap Brokers $27.1 Million Multifamily Sale in Los Angeles
LOS ANGELES, Nov.10, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Bechir Apartments, a 118-unit multifamily asset in the Tarzana neighborhood of Los Angeles, California. The property sold for $27.1 million, which represents $229,661 per unit.
“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,” said Michael Sterman, vice president investments in Marcus & Millichap’s Encino office. “Vacancies are low in Tarzana and the property’s close proximity to Ventura Boulevard and Warner Center will help ensure future rent growth,” added Jeff Louks, executive managing director investments. Sterman and Louks represented the seller and procured the buyer; two long-term private clients.
The property is close to U.S. Route 101, Ventura Boulevard, and the Metro Orange Line, all of which give residents access to major employment hubs in Woodland Hills and Century City. The Warner Center Area is four miles away and California State University, Northridge is within six miles. Built in 1969 on over two acres, the property has 24 studios, 52 one-bedroom units, and 42 two-bedroom apartments. Amenities include two swimming pools, on-site laundry, a fitness center and sauna, a large office space, and \open parking spaces.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.