LOS ANGELES, CA - A 16-unit multifamily property in the Valley Village community of the San Fernando Valley of Los Angeles has traded for $6,750,000 or $421,875 per unit, according to Warren Berzack, a Principal of Lee & Associates-LA North/Ventura and Director of the Lee & Associates Multifamily Advisory Group.
Berzack represented the seller, a private investor, in the sale of Whitsett Courtyard Apartments located at 5716 Whitsett Ave. in Valley Village, CA.
“This was a very high quality, newer property built in 2003, but it still had considerable rental upside,” Berzack said. “Buyers immediately understood the potential of this property and they didn’t waste any time.”
The listing attracted seven offers and went into escrow two weeks from the listing date. It sold above list price.
The property consists of 12, two-bedroom townhomes and four three-bedroom townhomes. Units have in-unit washer/dryers, granite countertops and balconies, among many amenities.
Lee & Associates offices offer a broad array of real estate services tailored to meet the needs of the company’s clients in each of the markets it serves. They include commercial real estate brokerage, property management, valuation, asset management and finance. Now, the largest firm of its kind in North America. The company’s reach extends across the US, British Columbia and, most recently, to Europe through a strategic alliance with Gerald Eve.