Marcus & Millichap negotiated the sale of the 170-unit Summer View Apartments in Sherman Oaks, Calif.
The value of the transaction was $20.3 million.
A partnership between private investors from New York and Southern California sold the property to Philadelphia-based Resource Capital Partners Inc.
Summer View is located at 15353 Weddington St. Originally constructed in 1964, Summer View was recently extensively refurbished with new interiors in the majority of the units. The property’s unit mix offered is comprised of two studio apartments, 167 one-bedroom/one bathroom apartments, and one two-bedroom/one-bath apartment ranging in size from 500 to 682 square feet.
The community is secure and gated with private basketball and tennis courts, a fully equipped fitness center, two swimming pools and spas, a community laundry facility and carport parking.
Occupancy was 98 percent at the time of sale.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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