LOS ANGELES—Marcus & Millichap Real Estate Investment Services arranged the sale of a new 48-unit apartment complex here for $15.2 million.
The property at 11925 was initially planned as a condominium community, but was changed to an apartment property when constructed last year. The complex includes all two-bedroom/two-bath units in two distinct configurations. In-unit amenities include washers and dryers, granite countertops, stainless-steel appliances and central air conditioning and heat. Community amenities include intercom entry, secured subterranean parking, an elevator and a courtyard with a spa and a fitness facility.
Matt Ziegler, a vice president with Marcus & Millichap, represented the seller and the buyer, both local apartment owner/operators. “Effective rents in the L.A. metro jumped 4.7 percent last year with year-end vacancies at 3.4 percent, so keeping units filled should not be an issue,” he says in a statement.