Northmarq Brokers $11.5M Sale of Encino Apartment Property
Northmarq has represented Xenon Investment Corp. in the $11.5 million sale of 5505 Zelzah, a 29-unit, fully renovated apartment complex in Encino, CA. The firm’s Vince Norris, Jim Fisher, Mike Smith, Steven Goldstein, Bryan Schellinger, Mike Hanassab and Elliot Hassan collaborated to secure the sale for Xenon. The buyer was undisclosed.
After purchasing the asset in 2018, Xenon constructed a pair of ADU’s and renovated the exterior to maximize their investment before selling the complex. “Given the strong property operations and rarity of available multifamily investments in the Encino market, 5505 Zelzah was a perfect fit for the new owner’s long term hold and investment strategy,” said Norris.
The property consists of one- and two-bedroom units with granite/quartz countertops, hardwood floors, in-unit washers/dryers, stainless steel appliances and a patio/balcony. Community amenities include a swimming pool, outdoor social space and secured garage parking.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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