A 16-unit multifamily property in Panorama City has sold for $4.35 million, or $271,875 per unit.
Rick Raymundo and Justino Fa’aola of Marcus & Millichap transacted the sale of 9415 Sylmar Ave. Raymundo and Fa’aola represented the seller and the buyer, both private trusts.
The apartments are rent controlled by the city of Los Angeles.
“The seller preferred a quick and smooth transaction,” Raymundo said in a statement. “So we were able to connect him with another client for whom we had just sold a smaller apartment building in the Valley. That client was able to use 9415 Sylmar Avenue as a 1031 exchange up-leg, allowing him to improve his annual cash flow while still deferring capital gains taxes.”