Lee & Associates-LA North/Ventura Transacts 120-Unit Multifamily Sale for $44 MM
IMT Capital sells asset to a private investor in an off market transaction
ENCINO, CA – Feb. 11, 2015 – A 120-unit multifamily property in the North Los Angeles community of Encino has traded for $44,000,000 in an off-market transaction, according to Lee & Associates-LA North/Ventura, http://www.lee-associates.com, Managing Director and Principal Jim Fisher, Lee Principal Mike Smith and Associate, Cory Stehr.
Fisher and Smith represented the seller, Sherman Oaks, CA-based IMT Capital, and Stehr represented the buyer, a private investor.
“We have had a long relationship with the IMT principals, and while they were not actively marketing the property, we also knew that they had a target price in mind,” said Fisher. “The sale price achieved reflected the quality of this trophy asset and the shortage of comparable properties in the market.”
The luxury apartment community located at 5501 Newcastle Ave. in the San Fernando Valley of Los Angeles, features numerous amenities including in-unit washer/dryers, walk-in closets, a fitness center, a business center, private balconies, pool and spa and subterranean parking.
IMT, a very active real estate developer and multifamily property operator, completed construction on the property in 2010.
The buyer, who was in a 1031 Exchange, acquired the property as a long-term investment.
Fisher and Smith previously represented IMT Capital in the acquisition of IMT Thousand Oaks, a 191-unit apartment community that the company bought from Archstone.