San Fernando Valley Luxury Asset Acquired for $44 Million
- Feb 15, 2015
A private investor recently completed the acquisition of a residential asset in Encino, Calif. for a reported amount of $44 million. According to Lee & Associates, the property was acquired from IMT Capital, a Sherman Oaks, Calif.-based company. The off-market transaction was completed with the assistance of Lee & Associates—LA North/Ventura Managing Director and Principal Jim Fisher, Lee Principal Mike Smith and Associate, Cory Stehr. The buyer was in a 1031 Exchange, and acquired the property as a long-term investment.
Fisher and Smith handled the transaction on behalf of IMT Capital, while Stehr worked for the private investor that acquired the property. Jim Fisher and Mike Smith had previously worked with IMT Capital during the company’s acquisition of IMT Thousand Oaks, a 191-unit community that the company bought from Archstone.
Located at 5501 Newcastle Avenue in the San Fernando Valley, the 120-unit property is in an upscale residential community. Amenities include in-unit washer/dryers, walk-in closets, a fitness center, a business center, private balconies, pool and spa. The community also offers residents an underground parking facility.