Institutional Property Advisors Brokers $28M Sale for Park Encino Multifamily Asset
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Institutional Property Advisors, a division of Calabasas-based Marcus & Millichap dedicated to serving the company’s institutional clients, sold and financed Park Encino, a 52-unit apartment property in Encino, Los Angeles, for $28 million or $538,000 per unit. The sale represents the company’s first core-plus, 50-plus unit multifamily sale in Encino since 2017.
“Despite favorable demographics, strong submarket fundamentals and increased demand for housing, no institutional-sized multifamily projects of 50-plus units have been delivered in Encino since 2016,” said Kevin Green, executive managing director of investments at IPA, in a statement.
According to Joseph Grabiec of IPA, the average multifamily occupancy in Encino exceeds 97%, and over the last decade, median single-family home values in the neighborhood have increased by more than 75%.
The property is within walking distance of Ventura Boulevard, and its proximity to U.S. Highway 101, Interstate 405 and Route 27 puts residents within commuting distance of employment centers in Sherman Oaks, Warner Center, West Los Angeles, Beverly Hills, Hollywood and Burbank. Completed in 2014, Park Encino is a gated community with a central courtyard, clubhouse, fitness center, patio and barbecue grills. The unit mix of two- and three-bedroom apartments averages 1,421 square feet. Interior finishes include washers and dryers, shaker-style cabinetry and walk-in closets.
Brian Eisendrath, Cameron Chalfant and Patrick Barker of IPA Capital Markets arranged acquisition financing, while Kevin Green, Grabiec and Gregory Harris of IPA represented the seller and procured the buyer, Universe Holdings Development.
Information for this article was sourced from Institutional Property Advisors.
