CBRE has closed the $7.9 million sale of the 20-unit Laurel Towers in Los Angeles. First Vice President Melinda Russell, together with a Marcus & Millichap team, represented the seller. The brokerage firms also acted on behalf of the buyer. In April, a different Marcus & Millichap team closed the $8.2 million sale of The Verona in Westlake Village, Calif.
Located at 12100 Valley Spring Lane in the Studio City neighborhood, the community is adjacent to public transit and a short distance from the Ventura Boulevard at Ventura Place retail hub. The asset is close to several film studios, and U.S. Route 101 is less than a mile away. Downtown Los Angeles is 13 miles southeast.
Completed in 1965, the three-story building has one-, two- and three-bedroom apartments and common-area amenities including a central courtyard and gated, covered parking. During its three years of ownership, the seller invested in a range of capital improvements, from updating units and amenities to a seismic retrofit of the structure.