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.

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