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Thursday, Aug 18, 2022
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Investor Purchases 18 of 20 Condo Units in Mission Hills for $4.8 Million

Agents at brokerage Marcus & Millichap Inc. have negotiated the purchase of 18 condominium units in Mission Hills for $4.8 million, or $267,222 per unit. The investor-buyer bought 18 of the 20 units at 9919 Sepulveda Blvd. as part of a 1031 exchange. Phil Seymour and David Weinberger of Seymour Group served as the listing agents. Selling agents included Marcus & Millichap LAAA Team Arash Memary, Glen Scher and Filip Niculete; and the firm’s Liberow Group with Sam Liberow and Spencer Levine. Two different owners hold the remaining pair of condos. A three-year seller carry finance structure with interest-only payments was negotiated to accommodate the buyer, since he did not purchase the entire building. Because the transaction was a court-ordered sale, the transaction had to go through a legal process which, during this COVID period, took more than a month. “We were able to navigate this to a successful close, and the buyer was able to satisfy his 1031 exchange,” Memary said in a statement.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.
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