|
|
5/09/17
|
An eight-unit multifamily property in Los Angeles that includes the city’s first automated parking garage has traded for $3.2 mil ($400k/unit). It was purchased by Savannah Apartment Homes LLC.
The property is located at 14309 Burbank Blvd, just east of Van Nuys Blvd in the San Fernando Valley community of Sherman Oaks. It features two-bedroom/two-bath units with a rooftop terrace. The property was fully occupied at the time of the sale.
Cole Martens and Cory Stehr with Lee & Associates-LA North/Ventura represented the buyer and the seller in the transaction. The property genrerated a half dozen offers before being sold.
“When the property was built in 2012, the site did not have enough room for a traditional parking garage,” said Martens, “and the developer solved the problem with the city’s first-of-its-kind automated parking system.”
The robotic garage parks cars using a high-tech system so there are no aisles to drive through. Cars are electronically parked using a system of lifts and other technologies, so the garage requires a smaller footprint to park the same number of cars that a traditional garage would accommodate.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
