The buyer, Tom Redfern, has paid $6 million for the property. The complex, known as Glenoaks Apartments, is located at 5412 and 5424 Sepulveda Blvd.
The seller, Burbank-Hazeltine Associates, was represented by Tony Azzi of Marcus & Millichap. Redfern was represented by Greg Harris, also of Marcus & Millichap.
The county's apartment market has remained tight, even as energy costs have soared and the economy has slowed. One of the principal factors contributing to the strength of the multifamily market is the shortage of apartment product throughout the county. The dearth of buildable lots has kept construction of new projects to a minimum. The lack of new product, in turn, has kept vacancy rates low and rents high.
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