January 6, 2020 – A 10-unit multifamily property, Colonial Manor Apartments, at 4142-4152 Cahuenga Blvd. in the Toluca Lake submarket of Los Angeles has traded for $3,615,000, nearly half a million dollars above list price, according to Warren Berzack, a principal of Lee & Associates-LA North/Ventura, who represented the buyer and seller in the transaction.
“We set the list price considerably above the comps in the area due to the desirability of the property, outstanding location and rental upside,” Berzack said, “but the listing generated so much interest that we benefited from a bidding war as well.”
The garden-style complex, built in 1948, is an 8,904 square foot property on a 20,610-square-foot lot with a unit mix of one- and two-bedroom apartments. It is located very close to freeways, the major entertainment studios in Burbank and the production houses in North Hollywood.
Both the buyer and seller are private investors.