Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Newcastle Towers, a 66-unit multifamily property located at 5415 Newcastle Avenue in Encino, California. The asset sold for $14,750,000. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $9.2 million in acquisition financing.
Jeff Louks, executive managing director in Marcus & Millichap’s Encino office, and Dan Withers of the Matthews Group marketed the property on behalf of the seller. Louks and Gayle Factor, first vice president in Marcus & Millichap’s Encino office, procured the buyer.
Danny Abergel, executive managing director in the firm’s Los Angeles office, secured the financing with a national bank on behalf of the buyer.
The gated property features a mix of one- and two-bedroom units and offers amenities such as a pool, several courtyards, on-site laundry and bicycle storage.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.
