X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ENCINO, CA-A private investor has paid nearly $5.4 million for a 76-unit apartment complex here in this San Fernando Valley neighborhood, where vacancy rates are in the low single digits and rents have steadily been rising.

The development stands at 16936 Burbank Ave. It was acquired by LA-based individual investor Leo Danichels.

The apartment vacancy rate in Encino and most other parts of the San Fernando Valley have dropped below 5%, as construction continues to lag demand. Further, the Valley’s diversified employment base has largely spared its local economy from the troubles facing other communities that depend on the troubled technology sector.

The seller, a private investment group known as Vancino, was represented by Ron Harris of Marcus & Millichap Real Estate Investment Brokerage Co. Buyer Danichels was represented by John Walsh, another Marcus & Millichap broker.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.