Marcus & Millichap has brokered the sale of a 1929-vintage apartment building in the Los Feliz neighborhood of Los Angeles, completing the disposition of an 18-unit multifamily property at 1939 N. Kenmore Ave. The asset traded for $5.28 million, adding a prewar building with historic character to the buyer’s portfolio.
The three-story property totals 18,317 square feet and occupies a 0.26-acre site in Los Feliz. The Spanish-style building, constructed in 1929, had been held by the same family for several decades prior to the transaction, limiting its availability to investors in recent years.
According to Marcus & Millichap executive managing director investments Jeff Louks, properties in Los Feliz that combine architectural character with long-term family ownership infrequently come to market. Louks noted that the competitive marketing process for this asset drew significant investor interest, which he said underscored sustained demand for well-located multifamily properties.
Louks and fellow Marcus & Millichap investment specialist Elliot Sabag, both based in the firm’s Encino office, represented the buyer, Michael Maltzman of Dream Street Capital. The seller was described as a private seller. Marcus & Millichap reported that investor activity in this segment of the Los Angeles multifamily market remains steady and that the team continues to close multiple transactions each month.
The buyer plans to undertake a renovation and restoration program at the property, focusing on the 1929 Spanish-style structure. While specific improvement details were not disclosed, the work is expected to refresh the long-held asset following its transfer from multi-decade family ownership to an investment firm.
