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11/18/20
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Bechir Apartments, a 118-unit multifamily asset in the southwest San Fernando Valley community of Tarzana sold for $27.1 mil, or about $229.7k per unit. The property is close to U.S. Route 101, Ventura Boulevard, and the Metro Orange Line, all of which give residents access to major employment hubs in Woodland Hills and Century City.
Built in 1969 on over two acres, the property has 24 studios, 52 one-bedroom units, and 42 two-bedroom apartments. Amenities include two swimming pools, on-site laundry, a fitness center and sauna, a large office space, and open parking spaces.
Michael Sterman and Jeff Louks with Marcus & Millichaprepresented the seller and procured the buyer, two long-term private clients.
“Vacancies are low in Tarzana and the property’s close proximity to Ventura Blvd and Warner Center will help ensure future rent growth,” noted Louks. The Warner Center Area is four miles away and California State University, Northridge is within six miles.
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