King, who represented the seller, tells GlobeSt.com the sale was ordered by the court in a partnership dissolution.
The Sand complex consists of two side-by-side two-story wood frame and stucco buildings of 16 and 26 units that were both built in 1963. It includes one studio, six two-bedroom and 35 one-bedroom units. It was fully occupied at the time of the sale, and the seller had owned it for about eight years.
King tells GlobeSt.com that most of the apartments rent for $520 to $625 per month, at an average of about $580, and that rents are below market. "The building was in good condition, but the buyer may do some renovations," he says.
The buyer, who was in a 10-31 exchange, was represented by Greg Harris, and Andrew Hodac of Marcus & Millichap's Encino office.
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