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SHERMAN OAKS, CA-The 98-unit Magnolia Apartments complex has sold for more than $23 million in a deal that is the largest sale of an apartment complex this year in the San Fernando Valley, according to Encino-based Investment Real Estate Associates, which negotiated the sale. The property is at 15357 Magnolia Blvd. and was completed in 2009.
The property was sold during the lease-up phase, according to vice presidents Clark Everitt and William Everitt of IREA. The IREA brokers represented both the seller, 15357 Magnolia Associates LLC and Westgate Group, and the buyer, a private individual.
The complex features common area amenities include a pool with a spa, a large recreation room, a fitness center and a built-in BBQ set amongst park-like gardens. In addition to individual unit security systems, other safety amenities include controlled access parking and a secured and gated entry.
Investment Real Estate Associates has also recently listed the FountainGlen at Sunnyside Apartments, a 164-unit seniors complex in San Dimas, at an asking price of $15.75 million. Warren Berzack and Stephen Geiger of IREA are the listing agents for the seller, an institutional investor.
The FountainGlen is a 55+ complex on more than four acres of gardens. Berzack and Geiger note that the property has undergone extensive exterior renovations in recent years. Amenities include a clubhouse, a community pool and spa and a gardening area for residents.
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