The complex, known as Palm Crest, consists of 80 units. It is located at 14751 Titus St.
Dean Zander of Hendricks & Partners' Los Angeles office represented the buyer, Calabasas-based Silvestre Family Trust. Zander also represented the seller, JK Properties Inc. of Los Angeles.
The deal follows a recent sale of a 102-unit apartment complex in the San Fernando Valley. The property, which is located at 20211 Sherman Way, has been acquired for $6.9 million by DLGP Real Estate Fund, a subsidiary of San Diego-based Davlyn Investments. The seller was Fairfield Residential.
Across the county, demand still greatly outpaces supply in the multifamily sector. New construction should do little to ease the problem, as recent research by Marcus & Millichap Real Estate Investment Brokerage Co. says that developers should deliver only about 4,600 new apartments to the Los Angeles/Long Beach market in 2001. Meanwhile, Los Angeles' population is expected to rise by 82,000 this year.
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