LOS ANGELES, CA - A multifamily property that includes the first automated parking garage in Los Angeles has traded for $3.2 million, according to Cole Martens and Cory Stehr, the Lee & Associates-LA North/Ventura brokerage team that transacted the sale on behalf of the buyer and seller.
The 8-unit asset, located at 14309 Burbank Blvd. in the Sherman Oaks submarket of the San Fernando Valley of Los Angeles, received a half dozen offers before it sold to a private investor, Savannah Apartment Homes LLC.
“When the property was built in 2012, the site did not have enough room for a traditional parking garage,” said Martens, “and the developer solved the problem with the city’s first-of-its-kind automated parking system.”
The robotic garage parks cars using a high-tech system so there are no aisles to drive through. Cars are electronically parked using a system of lifts and other technologies, so the garage requires a smaller footprint to park the same number of cars that a traditional garage would accommodate.
“It took a particular buyer to get comfortable with this, but it turned out there were more than a few willing to moving forward with a purchase,” said Stehr.
The property features a unit mix of 2-bedroom, 2-bath units with a rooftop terrace. It was fully occupied at the time of the sale.