ENCINO, CA—Looking to get a foothold in the emerging north valley market, a private investor has purchased a luxury multifamily community from IMT Capital for $44 million, GlobeSt.com has learned exclusively. The investor sought-out the property as part of a 1031 exchange, and approached the owner with the offer. The sales price equates to $366,000 per unit.

Located at 5501 Newcastle Ave. in the San Fernando Valley, the property features a healthy amenities package, including an onsite fitness center, business center, subterranean parking and a pool and spa. The interior units also boast private balconies and in-unit washers and dryers.

“The buyer wants to be in the Valley, and south of the freeway, Jim Fisher, a managing director and principal at Lee & Associates, tells GlobeSt.com. Fisher represented the seller in the transaction along with principal Mike Smith, while associate Cory Stehr represented the buyer. The buyer liked the newer property, and plans to hold the property long term. The seller built the property in 2010, and has been holding it while market conditions improved. This was the right price for them to finally sell.

The Encino submarket has been making quite a few headlines lately, especially for its office market activity. Recently, an office asset in the market traded hands for nearly $400 per square foot. Douglas Emmett purchased the property, a 224,000-square-foot class-A office property for $89 million. The seller's name was undisclosed.