Institutional Property Advisors (IPA), a division of Marcus & Millichap dedicated to serving the company’s institutional clients, arranged the sale and financing of Park Encino, a 52-unit apartment property in the Encino neighborhood of Los Angeles. The property sold for $28 million, which equates to $538,462 per unit.
“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,” said Kevin Green, IPA executive managing director investments. “This transaction represents the first core-plus, 50-plus unit multifamily sale in Encino since 2017.”
Green, Joseph Grabiec and Gregory Harris of IPA represented the seller, and procured the buyer, Universe Holdings Development. “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%,” said Grabiec. “As of Q2 2026, the average listing price of a single-family home in Encino was over $2 million.”
Brian Eisendrath, Cameron Chalfant, and Patrick Barker of IPA Capital Markets arranged acquisition financing. Completed in 2014, Park Encino is a gated community with a central courtyard, clubhouse, fitness center, patio, and barbecue grill.
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