LA’s First Automated Parking Garage Community Changes Hands
- May 09, 2017
Lee & Associates brokered the $3.2 million sale of a community that features the first automated parking garage in Los Angeles. Cole Martens and Cory Stehr, both with the firm’s LA North/Ventura brokerage team, represented both the buyer and seller.
“When the property was built in 2012, the site did not have enough room for a traditional parking garage,” said Martens in prepared remarks, “and the developer solved the problem with the city’s first-of-its-kind automated parking system.”
The high-tech system employs lifts and other technologies to park cars. There are no aisles so the garage has a smaller footprint than a traditional garage. Private investor Savannah Apartment Homes LLC purchased the eight-unit asset, which was fully occupied at the time of the sale. The 9,784-square-foot property features a unit mix of two-bedroom, two-bath units with a rooftop terrace
Located at 14309 Burbank Blvd. in the Sherman Oaks submarket of the San Fernando Valley of Los Angeles, the property has easy access to interstates 405 and Route 101 and is close to retail amenities along Van Nuys Boulevard. According to Property Shark, the community is situated in an area with an average household income of $69,178.
Image courtesy of Lee & Associates