ENCINO, CA – A 120-unit multifamily property in the North Los Angeles community of Encino has traded for $44,000,000 in an off-market transaction, according to Lee & Associates-LA North/Ventura, Managing Director and Principal Jim Fisher, Lee Principal Mike Smith and Associate, Cory Stehr.
Fisher and Smith represented the seller, Sherman Oaks, CA-based IMT Capital, and Stehr represented the buyer, a private investor.
“We have had a long relationship with the IMT principals, and while they were not actively marketing the property, we also knew that they had a target price in mind,” said Fisher. “The sale price achieved reflected the quality of this trophy asset and the shortage of comparable properties in the market.”
The luxury apartment community located at 5501 Newcastle Ave. in the San Fernando Valley of Los Angeles, features numerous amenities including in-unit washer/dryers, walk-in closets, a fitness center, a business center, private balconies, pool and spa and subterranean parking.
IMT, a very active real estate developer and multifamily property operator, completed construction on the property in 2010.
The buyer, who was in a 1031 Exchange, acquired the property as a long-term investment.
Fisher and Smith previously represented IMT Capital in the acquisition of IMT Thousand Oaks, a 191-unit apartment community that the company bought from Archstone.
About Lee & Associates - LA North/Ventura, Inc: Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 52 locations across the nation including California, Arizona, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Texas, and Wisconsin. With almost 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information can be found at www.lee-associates.com. You can also follow us on Facebook, LinkedIn and Twitter. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us at 818.986.9800.