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Saturday, Jun 10, 2023

Three Multifamily Properties Sell for $70.5 Million

Three multifamily properties in the San Fernando Valley have sold for a combined $70.5 million.

Berkadia Managing Director Adrienne Barr of Berkadia Los Angeles and Mitchell Shapiro transacted the sales on behalf of the seller, Encino-based Venture Property Management.

“We received multiple offers for each of the properties,” Barr said in a statement. “Buyers were attracted to the strong Valley locations and rental upside potential.”

The 154-unit Brooks Venture Apartments — located at 17200 Burbank Blvd. in Encino — sold for $51.3 million, or $332,792 per unit.

The unit mix features studio, one- and two-bedroom floor plans. The property sits on over 2.6 acres of park-like grounds. Community amenities include a large swimming pool and spa, fitness center, recreation room, sauna, barbeque area, six laundry facilities and a large leasing office with potential for expansion. Residents have access to Balboa Golf Course, Kaiser Permanente Woodland Hills Medical Center and the shops and restaurants along Ventura Boulevard.

The buyer was Jones & Jones Communities in a deal that closed on July 26.

The 36-unit Fruitland Villa Apartments — located at 10831 Fruitland Drive in Studio City — sold for $12.1 million, or $336,111 per unit.

The building has a unit mix of studio, one- and two- bedroom units, with townhouse units on the 2nd and 3rd floors. Community amenities feature a courtyard pool with a lounge and barbeque area, large entry lobby with elevator, lush trees and landscaping and 48 parking spaces. The property’s location is steps away from the shops and restaurants of Ventura Boulevard and is within walking distance to Universal City. Residents can walk to the Universal/Studio City Metro Red Line station, and have freeway access to Warner Bros. Studios, CBS Studios and the Hollywood Burbank Airport.

The buyer was a California-based private investor and the deal closed on June 15.

The 26-unit Weddington Oaks Apartments — located at 5259 Sepulveda Blvd. in Sherman Oaks — sold for $7.1 million, or $273,076 per unit.

The unit mix is comprised of studio, one- and two- bedroom floor plans and amenities include separate dining areas, wood-style flooring in living areas and built-in drawers and vanities in bedrooms. The courtyard building features a swimming pool, covered community seating area, fitness room, on-site laundry and an elevator. The property is just off Sepulveda Boulevard and is minutes away from Sherman Oaks Galleria, Sherman Oaks Castle Park, Sepulveda Basin Recreation Area and the shops and restaurants on Ventura Boulevard.

The buyer was a California-based private investor in a deal that closed on June 28.

James Brock
James Brock
James Brock has worked in newsrooms around the world, including in New York, Paris, Abu Dhabi, Dubai, Houston, and Los Angeles. He began his career with a Newhouse News daily, where he served on the news desk and the editorial page. He was the copy chief for The New York Sun, and founded and edited the personal finance section for Abu Dhabi-based The National, among other positions. He has interviewed Anthony Bourdain, Tom Ford, Mark Cuban, and many other individuals, and has written and edited thousands of stories and articles.

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