SHERMAN OAKS, CA – A 14-unit multifamily property in the Sherman Oaks submarket of Los Angeles has traded by $8,000,000 in an off-market sale, according to Warren Berzack, a principal of Lee & Associates-LA North/Ventura and national director of the Lee & Associates Multifamily Advisory Group, who represented the buyer and seller with Lee Principal Slavic Zlatkin.
“We represented our buyer in the sale of a 20-unit property they had owned in Glendale in October, and we were asked to find an upleg for their 1031 Exchange,” said Berzack. “They needed a comparable property, so we had to use a little ingenuity and found this off-market deal that fit their requirements.”
The property was built as a condominium in 2003 but has always been operated as a rental. It is located at 4309 Dixie Canyon Ave. just north of Ventura Boulevard across the street from a highly regarded charter elementary school.
The 13, two-bedroom, two-bath units measure 1,230 square feet and the one, three-bedroom, three bath unit is 1,700 square feet. All units have in-unit washer-dryers and central heat and air.
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