Sale of a 71,765 Square-Foot Unit-Mix Apartment Complex in Encino

 

LOS ANGELES — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, announced the successful closing of a 71,765 square-foot apartment complex called Newcastle Towers and is located at 5415 Newcastle Avenue, Encino, CA. Senior Vice President Daniel Withers facilitated the $14,750,000 transaction.

 

Built in 1964, this classic property comprises 66 units and is strategically located in a prime, highly sought-after area. Matthews™ represented the seller, a local investor aiming to streamline their portfolio. Ultimately, the seller achieved a competitive price and a timely close.

 

The buyer, a private local investor seeking a well-located property in Encino, presented the most compelling offer, with terms aligned with the seller’s timeline. Matthews™ collaborated in the disposition of this asset with Jeff Louks of Marcus & Millichap.

 

Despite challenges securing property insurance amid wildfires in Altadena and Palisades, strong industry relationships and a proactive approach ensured the deal proceeded smoothly, maximizing the sale price.

 

“We implemented a comprehensive and strategic marketing campaign that showcased the property to a wide range of qualified buyers, conducting countless property tours which resulted in multiple offers and driving a competitive environment,” Withers said. “Our ability to source high-quality buyers through both our network and external channels contributed to the success of the sale.”

 

According to Costar, the sale of the Newcastle Towers represents the largest multifamily sales price to take place within the San Fernando Valley in 2025.

 

For more information or to contact a Matthews™ specialized agent, please visit
www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.