Stehr adds that the reason for the high price was a combination of the capital markets’ liquidity and the stability of owning luxury product where there is limited supply. The new owner will also have the back-end potential of selling units individually since the condominium maps were in place at the time of purchase.

Starting out as condominiums has also enabled each unit to be larger than a typical apartment, with the average unit size at 1,600 square feet net rental. “They’re definitely good-sized units,” says Orbell. “There’s a limited supply of non-rent-controlled assets as well.”

Located at 5143 White Oak Ave., just north of Ventura Blvd., the property is expected to attract middle- to higher-income, younger professional tenants and families seeking larger apartment homes. “Each unit feels like a home, with unconventional, non-commercial finishes,” says Stehr. “Everything’s a cut above, from the cabinetry to the actual appliances—granite countertops and hardwood entryways.”

The buyer is also planning renovations in order to attract an even higher-end market and will make some of the units transitional. The brokers could not reveal the names of either the buyer or the seller, but did say that the buyer retains offices in Israel and the US.

As GlobeSt.com previously reported, in May 2011 BRC assisted private investors in acquiring three properties in Burbank and one in Toluca Lake city totaling 102 units at cap rates ranging from sub-5% to 5.9% on in-place NOI and at per-unit prices from $164,000 to $400,000. And in April 2011, the firm opened its Encino-based office headed by Mark Groves, VP of sales and associate director of operations, who at the time told GlobeSt.com that BRC would continue to expand to take advantage of market conditions.