Bay Area Buyer Spends $82M for 392 Units

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SHERMAN OAKS, CA-Friedkin Realty Management Group of San Francisco has acquired the 392-unit Plaza at Sherman Oaks apartment complex from Denver-based Archstone-Smith for $82.4 million in a transaction brokered by Gregory Harris of the Encino office of Marcus & Millichap. Harris was also the broker of record when Archstone-Smith bought the property in 2005 as part of a 540-unit portfolio that the Denver area REIT acquired from locally based PCS Development for $112.35 million.

The Plaza at Sherman Oaks is a garden-style luxury development at 4500 Woodman Ave. that was approximately 98.5% leased at the time of the sale. The complex, completed in 1969 and renovated in 2000, is considered one of the top class A apartment properties in the San Fernando Valley.