LOS ANGELES-Brooktree Realty Investors LLC of Beverly Hills hasacquired the newly built, 97-unit Magnolia Nest condominiums inValley Village from Magnolia Nest LLC of Studio City for $26million in a short sale and plans to operate the complex asapartments, according to vice presidents Clark Everitt and WilliamEveritt of Investment Real Estate Associates in Encino, whobrokered the sale. The two IREA vice presidents represented boththe buyer and the seller in the transaction, in which the buyer wasalso responsible for all additional closings costs, a point thatwas key to the sale, Clark Everitt tells GlobeSt.com.

Everitt explains that the closing costs included items like taxliens, mechanics’ liens, broker fees, transfer taxes, title andescrow fees and endorsements, which added considerably to thebuyer’s cost. The transfer taxes alone were nearly $150,000,according to Everitt, who estimates that the closing costs likelytallied roughly $1 million.

The Magnolia Nest project, which is at 11945 Magnolia Blvd. inValley Village, generated more than 25 offers from bidders who ranthe gamut from institutional investors to REITs to other groups,although most of the bidders were local private equity groups. Thetransaction was one of the largest multifamily short sales in LosAngeles County in the past year.