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.

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.

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."