Institutional Property Advisors (IPA) has successfully facilitated the sale and financing of Park Encino, a 52-unit apartment complex, marking the first transaction of its kind involving a property with over 50 units in Encino since 2017. The deal, valued at $28 million, underscores renewed investor interest in the Los Angeles submarket.
Key Takeaways
- This is the first sale of a 50-plus unit multifamily property in Encino since 2017.
- The Park Encino property sold for $28 million, equating to $538,462 per unit.
- The transaction highlights strong submarket fundamentals and demand for housing in Encino.
A Significant Transaction in Encino
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the completion of a significant multifamily transaction in Encino. Park Encino, a 52-unit apartment property, was sold for $28 million, with the per-unit price reaching $538,462. This sale is notable as it represents the first time a multifamily property with 50 or more units has traded in Encino since 2017.
Strong Market Fundamentals Drive Demand
Kevin Green, IPA executive managing director investments, commented on the significance of the sale, stating, "Despite favorable demographics, strong submarket fundamentals, and increased demand for housing, no institutional-sized multifamily projects of 50-plus units have been delivered in Encino since 2016." He added that this transaction is the first core-plus, 50-plus unit multifamily sale in Encino since 2017, indicating a potential shift in the market.
Joseph Grabiec, also with IPA, highlighted the robust conditions within the Encino submarket. "Average multifamily occupancy in Encino exceeds 97% and over the past 10 years, median single-family home values in the neighborhood have increased by more than 75%," Grabiec noted. He further pointed out that as of the second quarter of 2026, the average listing price for a single-family home in Encino surpassed $2 million.
Property Details and Financing
The IPA team, including Kevin Green, Joseph Grabiec, and Gregory Harris, represented the seller and successfully procured the buyer, Universe Holdings Development. Additionally, IPA Capital Markets, with brokers Brian Eisendrath, Cameron Chalfant, and Patrick Barker, arranged the acquisition financing for the property. Park Encino, completed in 2014, is a gated community offering amenities such as a central courtyard, fitness center, clubhouse, patio, and barbecue grill.