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Marcus & Millichap completes $5.3M sale of Los Angeles multifamily asset
The 16-unit property at 1476 S Shenandoah St. was built in 1966 and traded for $334,937 per unit.
Marcus & Millichap has closed the sale of a 16-unit multifamily property in Los Angeles, according to ConnectCRE.
The asset, located at 1476 S Shenandoah St. in the Pico-Robertson neighborhood, sold for $5.3 million, which works out to $334,937 per unit.
ConnectCRE said the property was held by the same ownership for more than two decades, and that after 23 years, the listing generated six competitive offers.
The buyer is a local owner and operator who plans to renovate units through natural tenant turnover while keeping the property as a long-term investment, ConnectCRE added.