*Universe Holdings Development paid $28 million* for a 52-unit Encino apartment complex, marking the first sale of a core-plus multifamily property with more than 50 units in the neighborhood since 2017.
Universe Holdings Development paid $28 million for Park Encino, a 52-unit apartment complex at 4940 Paso Robles Avenue. The deal marks the first sale of a core-plus, 50-plus unit multifamily property in Encino since 2017.
*Universe Holdings Development paid $28 million* for a 52-unit Encino apartment complex, marking the first sale of a core-plus multifamily property with more than 50 units in the neighborhood since 2017.
The deal closed on Park Encino, located at 4940 Paso Robles Avenue, according to Institutional Property Advisors (IPA), which brokered the transaction. The sale worked out to roughly $538,500 per unit.
Encino has seen almost no large-scale multifamily inventory come to market in the past decade. No institutional-sized multifamily projects of 50-plus units have been delivered in the neighborhood since 2016, according to Kevin Green, IPA executive managing director of investments.
"This transaction represents the first core-plus, 50-plus unit multifamily sale in Encino since 2017," Green said.
The building was part of a 17-property portfolio acquired by LivCor, a Blackstone affiliate, in 2017, according to The Real Deal. The seller in the current transaction was not identified.
Park Encino was built in 2014 and consists mostly of two-bedroom units with some three-bedroom apartments. Units average more than 1,400 square feet and feature washers, dryers, and walk-in closets. The gated property includes a central courtyard, clubhouse, fitness center, patio, and barbecue area.
Joseph Grabiec of IPA noted that multifamily occupancy in the Encino submarket runs above 97 percent. He also pointed out that median single-family home values in the neighborhood have risen more than 75 percent over the last 10 years.
Those fundamentals matter to investors. Encino's rental market is tight, and move-in-ready buildings are scarce. According to Hoodline, renovated units and nearby condo conversions have pushed comparable sales higher, making the buyer's per-unit math look competitive rather than inflated.
Universe Holdings is a Century City-based owner-operator active across Southern California. The firm typically targets light-to-moderate renovations and operational upgrades after acquisition, according to profiles in the Los Angeles Business Journal.
Institutional Property Advisors' offering materials noted that Park Encino was originally designed as condominiums and carries an expired tentative tract map. That detail gives the buyer potential optionality down the line, though no plans for conversion have been announced.
For current tenants, the change in ownership could mean upgraded common areas or steadier management. For the broader neighborhood, the sale signals that serious investor capital continues to flow into Valley rental housing.
The Park Encino deal arrives as the Los Angeles multifamily market faces mixed signals. Marcus & Millichap reported that multifamily occupancy across Los Angeles stood at 95.9 percent at the end of 2025, well above the national average. But the brokerage also flagged near-term hurdles, including strict immigration policies and a decline in entertainment industry jobs.
The number of Angelenos working in the motion picture industry has declined by at least 40,000 over the last three years, according to Marcus & Millichap's multifamily investment forecast. That could pressure the renter pool in areas like Encino, where entertainment workers have long been a significant demographic.
Still, supply is thin. Only 6,200 units are coming online in Los Angeles this year, the lowest number since 2015, according to the brokerage. That scarcity helps explain why investors are willing to pay premium prices for stabilized properties that do not need major work.
The Park Encino sale was one of two large Valley multifamily transactions reported recently. A 390-unit property in Van Nuys called the San Regis sold for $69 million in April, according to CoStar Group.
This article was generated with AI assistance.