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104-Unit Complex Commands $18M

SHERMAN OAKS, CA-The property is 15 years old and is one of three closings in quick succession for investors trading apartment buildings.

By Bob Howard | Updated on September 15, 2003

SHERMAN OAKS, CA-Pacific Property Co. has acquired a 104-unit apartment complex at 4440 Sepulveda Blvd. in one of three recent closings involving private investors trading multifamily buildings in the Los Angeles area.

Palo Alto-based Pacific Property bought the Sepulveda Boulevard complex from Robert Dollar Building Association for $18 million, according to John Walsh of the Encino office of Marcus & Millichap, who brokered the deal.

Built in 1988, the 4440 Sepulveda Blvd. complex includes 26 one-bedroom, one-bath apartments and 82 two-bedroom, two-bath units. The property’s amenities include a fitness center, a pool, a spa, a gated entrance, underground parking and laundry facilities. The Sherman Oaks building is part of a San Fernando Valley office market where demand remains high and construction activity is limited, according to the most recent research report by Marcus & Millichap. The report points out that the Valley’s population continues to grow steadily, suggesting that demand will continue unabated.

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