ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Margate Imperial Apartments (top left photo), a 45-unit multifamily asset in Encino. The sales price of $9,650,000 equates to $214,000 per unit and $186 per square foot.
Michael Hanassab and Elliot Hassan, associates in the Los Angeles office of Marcus & Millichap, represented the seller. Hanassab and Hassan also represented the buyer, a family partnership that owns and manages more than 700 apartment units in the San Fernando Valley.
“The new ownership has acquired a true trophy asset that rarely comes to market in a supply constrained submarket in the San Fernando Valley, which is surrounded by multi-million-dollar single-family homes,” explains Hanassab. “This property will appreciate in value significantly over the short and long term.”
Located at 17849 Margate St., the 52,077-square foot Margate Imperial Apartments was developed in 1969.
For a complete copy of the company’s news release, please contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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