ENCINO, CA-It’s been said frequently this summer that multifamily is a hot sector at the moment, further illustrated by a recent Marcus & Millichap-represented transaction. The deal in question was the sale of Margate Imperial Apartments here – a trophy multifamily property – for approximately $9.7 million. It was arranged by two Los Angeles associates, Elliot Hassan and Michael Hanassab, who spoke with GlobeSt.com.
“I can tell you it was a bit of a complicated deal in the sense that the property had a first and a second existing Fannie Mae loan,” Hanassab said. “There was a hefty yield maintenance payment – over half a million dollars that they buyer paid off in escrow in order to take advantage of the current market in terms of financing.”
According to a recent release, the buyer is a family partnership that owns and manages more than 700 apartment units in the San Fernando Valley. And, according to Hanassab, this is a great market, along with West L.A.
“Buyers are able to be super aggressive right now,” he said, “And there is a huge demand for quality assets. Anytime anything comes out you’re seeing super aggressive buyers on it.”
The Margate Imperial Apartments is located at 17849 Margate St. and covers 52,077 square feet. It experienced significant renovations back in 2008 including new paint, a remodeled swimming pool and new landscaping.