BEST MULTI-FAMILY SALE DEAL OF THE YEAR
11741 Saticoy St., North Hollywood
Deal Value: $11.8M
Rick Raymundo of Marcus & Millichap was selected to market and sell 11741 Saticoy Street in North Hollywood. This was the first time in 35 years that the 85-unit multifamily property was made available for sale, and Raymundo successfully sourced an all cash buyer to purchase the asset at a price of $11,800,000. According to CoStar COMPS, it was only the third property with at least 85 units to sell in the entire San Fernando Valley within the prior twelve months. Raymundo focused on a specific buyer with significant liquid capital to deploy for the purchase as well as the renovation of the vacant units.
BEST MULTI-FAMILY SALE
ENCINO COUNTRY CLUB APARTMENTS
17000 Burbank Blvd., Encino
Deal Value: $10M
CBRE’s team led by Priscilla Nee, successfully represented the buyer and seller in the $10 million sale of the 43-unit Encino Country Club Apartments. This transaction is notable for its size and scope, involving a significant multi-family property in a highly desirable submarket. Nee, in collaboration with Gianni Novo from CBRE’s Debt and Structured Finance team, worked diligently to produce a buyer-approved lender and secure a high leverage 82% loan-to value loan.
BEST MULTI-FAMILY SALE
11616 Burbank Blvd., North Hollywood
Deal Value: $9.6M
The successful sale of 11616 Burbank Blvd. is a testament to strategic problemsolving and adaptability in a challenging market environment. This multifamily property, priced below replacement cost and with a recorded tentative tract map allowing for future condo sales, faced significant hurdles, including high interest rates. After two months of slow activity, the seller reduced the asking price by $500,000, increasing the CAP rate to 5.06%, which attracted a local, all-cash buyer with a long-term investment approach.