A 57-unit apartment community in Woodland Hills has sold for $13.9 million, or roughly $242,000 a unit. The multifamily complex, located at 5480 Quakertown Ave., attracted more than a dozen offers, according to James Capital Advisors, which closed the deal. “This was a rare opportunity to acquire a well-maintained, cash-flowing multifamily complex in this sought-after neighborhood south of Ventura Boulevard,” said JCA Senior Director Elliot Hassan in a statement. “That attracted a wide range of interested parties, from institutions to semi-institutional and private investors.” Hassan and Mike Hanassab, another JCA Senior Director, negotiated the transaction — with assistance from Senior Associate John Katnik — on behalf of the seller, identified by CoStar as David Schiff of Encino. Richard J. Ringer, senior managing director of investments at Marcus & Millichap, represented the undisclosed lead buyer while the JCA team represented the co-buyer, a long-term client. Built in 1969, the two-story Quakertown property spans 37,785 square feet and has community amenities, such as restaurants and retailers within walking distance. Pierce College is a mile away. Rent collections on the property exceeded 98 percent in April and May, despite the pandemic. A show unit for marketing walkthroughs notwithstanding, the complex has remained fully occupied. “We were able to show 20 percent rental upside for a buyer willing to make improvements and operational adjustments,” Hanassab said. “That was a major selling point that enabled us to close near the asking price.” To mitigate COVID-19 transmission risks, the JCA team adopted state guidance precautions for site visits. “Normally, we would have opened the property for everyone planning to make offers and finished all those visits in a day,” Hassan said. “In this case, to maintain social distancing, we had to schedule potential buyers one by one to tour the model unit and walk the property. Once we had funds in escrow, we made arrangements to let the buyers’ team see all the units.” The seller had owned the property for more than 20 years. According to the JCA brokers, the new owner plans to reinvest in net-leased real estate, in which the tenant typically assumes responsibility for management, including maintenance, operations and taxes. Comparable deals in the area include the 48 units at 5911 Reseda Blvd. in Tarzana, which sold in February for $15.1 million, or $314,583 a unit; 5405 Lindley Ave. in Tarzana, which sold in February for $10.3 million, or $206,000 for each of its 50 units; and 21250 Saticoy St. in Canoga Park, which sold in January for $11.2 million, or $414,814 for each of its 27 units.