The buyer, Tom Redfern, has paid $6 million for the property.The complex, known as Glenoaks Apartments, is located at 5412 and5424 Sepulveda Blvd.

The seller, Burbank-Hazeltine Associates, was represented byTony Azzi of Marcus & Millichap. Redfern was represented byGreg Harris, also of Marcus & Millichap.

The county's apartment market has remained tight, even as energycosts have soared and the economy has slowed. One of the principalfactors contributing to the strength of the multifamily market isthe shortage of apartment product throughout the county. The dearthof buildable lots has kept construction of new projects to aminimum. The lack of new product, in turn, has kept vacancy rateslow and rents high.

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