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80-Unit Sherman Oaks Apartment Complex Sells

LOS ANGELES-The buyer's and seller's cooperative attitude brings deals through in 100 days. The well-located property was 98% leased at time of sale.

By John McCloud | Updated on April 30, 2009

LOS ANGELES-A realistic buyer and realistic seller who were willing to work together harmoniously has resulted in the successful sale of an 80-unit apartment complex in the Sherman Oaks area. The Casa del Sol Apartments at 13860 and 14220 Burbank Blvd. sold for $9.5 million in a transaction between two individual investors, both located in Los Angeles.

“This was a very fair deal in today’s market,” says Jared Levine, an investment consultant with Re/max Commercial Brokers in Woodland Hills, CA, who represented the seller. “We had a real buyer and a real seller who worked together. Both the buyer and seller were realistic in terms of price.”

According to Levine, getting the buyer and seller to agree on price is one of the toughest issues facing brokers in today’s market. “Volume has decreased significantly,” he tells GlobeSt.com. “But even where sales are possible, many sellers till try to hold out for yesterday’s prices.” Many buyers, on the other hand, are looking for bargain-basement pricing that is not justified by the quality of the asset, he adds.

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