Avison Young achieves record-breaking $600,000 per unit sale of an 18-unit apartment property in Sherman Oaks, CA6 May 2021
Los Angeles, CA – Avison Young announced today it has brokered the $10.8 million sale of Via Sherman Oaks, an 18-unit apartment property located at 4623 Willis Avenue in Sherman Oaks, CA. At $600,000 per unit, the sale also marks a record-breaking per-unit price for the San Fernando Valley market (CoStar).
Peter Sherman, a Principal with Avison Young represented the seller, a West Coast multifamily investor. The buyer was a private family investor based in Los Angeles.
Via Sherman Oaks, constructed in 1999, is a four-story property with three levels of residential over a ground floor lobby and secure garage parking. All units are two-bedroom/two-bathroom floorplans averaging 1,308 square feet and featuring 9-foot high coffered ceilings or 12-foot high vaulted ceilings, walk-in closets, oversized balconies with French doors, and in-unit full size washer/dryers.
“Our comprehensive marketing plan and persistence throughout the entire transaction process was integral to achieving this record-breaking result for the seller. Via Sherman Oaks is a special asset with exceptional construction and architectural detail,” said Sherman. “The seller took advantage of those strengths and did a masterful job on extensively remodeling and completing high-end upgrades for 10 of the 18 units. The buyer will benefit with a straightforward plan to pursue those same interior unit renovations on the remaining units to further drive income growth.”
The property is within an affluent, supply-constrained, infill Los Angeles submarket and is walkable to Ventura Boulevard, a five-mile stretch from Sherman Oaks to Studio City, that offers the finest shopping, dining and entertainment within the Valley.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Darcie Giacchetto, Avison Young, 949.278.6224