Encino Apartments Sold to Universe Holdings for $28 Million

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 Encino since 2017, Kevin Green of Institutional Property Advisors, who helped broker the sale, told L.A. Business First. That speaks to the dearth of institutional-grade inventory that has come online in the San Fernando Valley enclave over the past decade. No projects of that scale have been delivered in Encino since 2016, despite occupancy topping 97 percent in the submarket, Green said. Multifamily occupancy across Los Angeles stood at 95.9 percent at the end of 2025, well above the national average, according to Yardi Matrix data cited by Multi-Housing news.

Built in 2014, Park Encino consists mostly of two-bedroom units with some three-bedroom apartments, averaging more than 1,400 square feet. The gated property features a central courtyard, clubhouse, fitness center, patio and barbecue area.

The deal adds to a recent run of apartment trades across Los Angeles. In April, Kilroy Realty sold the Columbia Square Living and Jardine apartment properties in Hollywood to Advanced Real Estate for a combined $202 million — setting a record sale price in Southern California’s multifamily market so far this year, The Real Deal reported. This sale clocked in a bit below Park Encino’s per-unit price with the Hollywood apartments going for $513,995 each. Another buyer, an unnamed family-run office, paid $46.4 million for two smaller apartment properties in Brentwood last month, according to Multi-Housing News.— Chris Malone Méndez