Toluca Lake Condo Complex Sells for $14.7 Million
A 21-unit condominium complex in Toluca Lake has sold for $14.7 million in a deal handled by real estate investment services firm Marcus & Millichap Inc.
Jeff Louks and Daniel Hirth, from the Encino office of the Calabasas company, represented the seller of Verona Villas, the property’s developer. Matt Ziegler, also from Marcus’s Encino office, represented the private investor purchasing the complex.
Louks said the investment was poised for solid growth as Toluca Lake is a well-established and desirable neighborhood.
“The property is an A-plus market-rate asset,” Louks said in a statement.
The complex at 10640 Woodbridge St., just west of Cahuenga Boulevard, was built in 2008 and features one-, two- and three-bedroom apartments that vary in size from 1,225 square feet to 1,888 square feet.
“This was an excellent opportunity for the buyer to acquire a unique Toluca Lake property that is well positioned to benefit from the area’s continued growth and rental demand,” Ziegler said in a statement.
Shares in Marcus & Millichap closed down 13 cents, or less than 1 percent, to $19.85 on the New York Stock Exchange.