Marcus & Millichap closes 100-unit multifamily sale

Marcus & Millichap arranged the sale of the 100-unit Balboa Ranch Apartments in Northridge, Calif.

The value of the transaction was $10.5 million.

Encino, Calif.-based The Sterman Co. sold the property to a Southern California-based private investor.

Balboa Ranch Apartments is located at 8545 Balboa Blvd., near Cal State Northridge. The garden-style apartment community was constructed in 1969. Amenities include a swimming pool, controlled entry, community BBQ area and a recreation room. The sale includes 68,213 rentable square feet on approximately 2 acres. The unit mix includes 11 studio, 69 one-bedroom and 20 two-bedroom apartments.

At the time of sale occupancy was at 97 percent.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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