CBRE Arranges $10 Million Sale of 43-Unit Encino Country Club Apartments

CBRE has arranged the $10 million sale of the 43-unit Encino Country Club Apartments located at 17000 Burbank Blvd. in Encino, Calif.

Priscilla Nee and Dan Blackwell of CBRE’s Multifamily Investment Properties team represented the seller and private investor in the transaction. Gianni Novo, from CBRE Capital Markets' Debt and Structured Finance Team, made the deal possible by securing a lucrative loan with a competitive interest rate to cover 83% of the project's costs.

“Despite higher interest rates, privately owned multifamily properties throughout the San Fernando Valley continue to transact,” said Ms. Nee. “The property’s spacious units, central location and significant upside through renovation, made it an attractive investment opportunity for a buyer seeking cash flow, appreciation and a hedge against inflation.”

The three-story Encino Club Apartments was built in 1966 and totals over 37,000 square feet. The property offers a mix of 36 one-bedroom/one-bathroom and seven two-bedroom/two-bathroom units. Located in the heart of the San Fernando Valley, the property is walking distance from the Sepulveda Basin Recreation area and accessible to numerous shopping, dining, and entertainment options.

The buyer plans to complete an extensive interior and exterior building renovation.