WESTLAKE VILLAGE, CALIFORNIA (October 26, 2022) – Northmarq’s Vince Norris, Jim Fisher, Mike Smith, Steven Goldstein, Bryan Schellinger, Mike Hanassab, and Elliot Hassan collaborated to secure the $11,561,700 million sale of 5505 Zelzah. The 29-unit fully renovated apartment building (built in 1979) is located at 5505 Zelzah Avenue, Encino, California. Northmarq represented the Los Angeles based seller, Xenon Investment Corp.
Xenon principals Deepak Richard Mehta and Rohit Mehta purchased the building under Charing Cross Capital LLC in 2018 with the intent of permitting and constructing two ADU’s and completing property exterior renovations. With the ADU’s and exterior upgrades finished, Mehta and Charing Cross Capital LLC took the opportunity to maximize their investment and execute their original business of selling the asset once work was completed.
“Given the strong property operations and rarity of available multifamily investments in the Encino market 5505 Zelzah was a perfect fit for the new owners long term hold investment strategy,” said Norris.
Los Angeles’ multifamily investment market gained momentum in the first half of 2022 with more properties changing hands than in prior years, as recently released in Northmarq’s Greater Los Angeles Multifamily Q2 insights report. Occupancy reached its highest level in more than three years, which helped fuel rapid rent increases. The investment market has remained active and competitive to this point, despite rising interest rates. Read the story here.
5505 Zelzah is a gated community located in the San Fernando Valley of Los Angeles, offering residents accessibility to I-101 and nearby shops, parks, education, and employment opportunities along Ventura Boulevard. The pet friendly building is fully renovated, equipped with a swimming pool, lavish outdoor community area, and secured garage parking. The property offers residents options of one- or two-bedroom units, with apartment amenities providing private balcony/patio, granite or quartz countertops, framed mirrors, in unit washer/dryers, hardwood floors, stainless steel appliances, and a spacious kitchen with updated cabinetry.