LOS ANGELES-Two buyers have acquired a total of 106 apartmentunits in two separate deals here and in Ojai, according to brokersinvolved in the sales. One property of 72 units in Los Angelestraded in a short sale, and a 34-unit complex in Ojai sold within25 days.

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The Los Angeles property that was sold was the Fifth &Maryland Apartments at 1329 W. Fifth St. and 1326 Maryland St.,which was sold for $3 million in a lender short sale that wasbrokered by Brent Sprenkle and Robin D. Ossenbeck of Hendricks& Partners, the listing agents for the two apartment complexes.The buyer was Five Maryland 72 LLC of Los Angeles, which acquiredthe property from Big Mary LLC of Hidden Hills, CA.

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According to the Hendricks & Partners brokers, theproperties were scheduled to be placed them in the Rent EscrowAccount Program (REAP) operated by the City of Los Angeles beforeSprenkle and Osssenbeck found "the perfect buyer who was wellversed and experienced" in working with the city and "was verycomfortable with the corrections needed to bring the buildings upto code." The Hendricks brokers say that the buyer valued theproperty based on the repairs needed and he "was able to obtainfinancing despite the recorded violations on title, which concernedmany other buyers during the marketing period."

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The properties generated more than 15 offers, which "showsdemand for value-added properties even with issues in strong rentalmarkets of Los Angeles were rental rates are still affordable,”according to the Hendricks & Partners brokers. Built in 1910and 1911, the complexes consist of two, back-to-back apartmentbuildings. The properties, which feature Victorian-eraarchitecture, are approximately three blocks west of the 110Freeway and within a four-block walking distance of Downtown LosAngeles.

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In the Ojai sale, a private investor based in Los Angelesacquired the 34-unit Ojai Gardens at 702-703 N. Ventura St. in atransaction in which Hirsch Sherman and Jared M. Levine of KWCommercial represented the buyer. The property is a garden-stylecomplex made up of 11 buildings on over two acres.

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The approximate 32,816-square-foot complex was built in 1964 andfeatures a park-like setting with pool. The unit mix includes unitsof one and two bedrooms with some two-bedroom townhomes.

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The KW Commercial brokers note that the sale was a market-ratedeal between two local private multifamily investment operators.The deal was on the market for less than a week, closed within 25days and was an all-cash purchase. The seller was represented byColdwell Banker Residential.

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