The deal was brokered by Gregory Harris and Ronald Harris of Marcus & Millichap. Gregory Harris works out of the firm's Encino office and Ronald Harris is based in the company's Los Angeles office.
The buyer plans to invest in capital improvements, as part of a long-term repositioning strategy, according to a company spokesperson. "Despite this property's age relative to the amount of surrounding new product, we were able to demonstrate to the buyer that with renovation and repositioning, as an investment, Meadowbrook has tremendous upside potential," says Gregory Harris. "In the face of the volatility of the national economy and the local real estate market, apartments are sound investments."
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