18620 Burbank Blvd Apartments L.P. Acquires Multifamily Property In Tarzana For $3.875M

18620 Burbank Boulevard in Tarzana has been sold in a recent transaction. The multifamily property, comprising 11 units, was purchased by 18620 Burbank Blvd Apartments L.P. for a sale price of $3,875,000. The buyer was represented by Kenny Stevens, while Justin Seigel and Doug Rickard represented the seller, Lee Family Living 2009 Trust. The property, with a total square footage of 11,500, was listed with an asking price of $3,995,000, resulting in a price per unit of $352,272 and a price per square foot of $336.95.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,875,000
• Address: 18620 Burbank Boulevard, Tarzana
• Market: Tarzana
• Buyer: 18620 Burbank Blvd Apartments L.P.
• Seller: Lee Family Living 2009 Trust
• Buyer's Representative: Kenny Stevens
• Seller's Representatives: Justin Seigel & Doug Rickard
• Units: 11
• Square Footage: 11,500
• Price per Unit: $352,272
• Price per Square Foot: $336.95

The sale of 18620 Burbank Boulevard was facilitated by Kenny Stevens, representing the buyer, and Justin Seigel and Doug Rickard, who represented the seller. The transaction closed on 12/14/2020, with the property selling below the initial asking price but at a respectable value of $3,875,000.