Universe Holdings picks up Encino apartments for nearly $540K per unit  

An Encino apartment building traded hands for the first time in nearly a decade, serving as the latest evidence of investor appetite for Los Angeles multifamily properties despite sluggish rent growth across the region. Universe Holdings Development bought Park Encino, a 52-unit apartment property at 4940 Paso Robles Avenue, for $28 million, L.A. Business First reported. The sale works out to roughly $538,500 per unit. The building was part of a 17-property portfolio acquired by Blackstone affiliate LivCor in 2017, Multi-Housing News reported.  The transaction marks the first sale of a core-plus multifamily property with more than 50 units in […]This article originally appeared on The Real Deal. Click here to read the full story.