Los Angeles, CA (PRWEB) August 29, 2012
BRC Advisors (http://www.brcadvisors.com), a leading commercial real estate brokerage firm in Southern California, proudly announces the completion of the highest price-per-door transaction in one of the top cities in the San Fernando Valley section of Los Angeles. Led by Orbell Ovaness, Vice President of Investments, and Cory Stehr, Senior Associate of the Encino office for BRC Advisors, this deal (in which Ovaness and Stehr represented both the buyer and seller) is a record for the area, totaling $9.9 million or $412,500 per door. The property, located at 5143 White Oak Avenue in Encino, is a 24-unit apartment complex with 43,870 square-feet of rentable space. The new owner of the building plans to attract middle to higher income tenants, young professionals and families.
"This sale is a significant milestone for the Valley, based on liquidity and the limited availability of luxury condominium units in the surrounding area. Our involvement with both parties, and the high price we were able to obtain in an otherwise sluggish economy, is a testament to the credibility – and sustained success – of BRC Advisors. We continue to achieve desired results for all manner of clients: landlord, tenants, investors, financial institutions, property managers and others. I congratulate my colleagues, including Cory Stehr, for making this transaction possible,” says Orbell Ovaness, Vice President of Investments for BRC Advisors.
“Orbell and Cory are part of a talented group of professionals with the expertise and trust our clients value. Their accomplishments, starting with the unprecedented sum associated with this sale in the San Fernando Valley, underscore the depth and reach of our office in Encino and elsewhere. I salute their efforts and their support on behalf of BRC Advisors,” says James Huang, Founder and Partner of BRC Advisors.
Additional features about the sale of 5143 White Oak Avenue include:
- The average unit size is 1,600 square feet net rental, larger than a typical apartment in the area.
- Each unit has top amenities such as granite countertops, hardwood entryways and high-end cabinetry.
- The property attracted six offers, with the qualified candidate purchasing the property on an all-cash basis.
“This sale represents the efforts of many individuals, a collaborative undertaking where we seek to bring buyers and sellers together. I also would like to thank Orbell for his leadership, backed by the resources that distinguish BRC Advisors as the preferred standard of excellence in our industry,” says Cory Stehr, Senior Associate for BRC Advisors.
A Conservative and Disciplined Approach: BRC Advisors in Action
BRC Advisors applies a conservative and disciplined approach to its management. "Our emphasis on value, quality and comprehensive knowledge of the marketplace is critical to our success. BRC Advisors symbolizes this approach and allows individuals to be a part of our acclaimed leadership. That philosophy distinguishes our achievements, earning us respect and admiration from our peers and journalists nationwide," says Rich Enderlin, Managing Partner of BRC Advisors.
About BRC Advisors
Headquartered in Los Angeles, BRC Advisors combines over 30 years of brokerage and advisory experience within a strategically aligned network of programs. With its dedication to training and innovation, BRC Advisors is competitive in all market conditions and changing circumstances.