Villas at Sherman Place

LOS ANGELES COUNTY

WEST HILLS, CA-A newly completed townhome project called the Villas at Sherman Place traded for $328,200 per unit after generating 16 offers in aggressive bidding in this week's roundup of commercial real estate news in the West. Kitty Wallace, an executive vice president in the West Los Angeles office of Colliers International who represented both the buyer and the seller, reports that the sale of the 39-unit project at 23130 Sherman Place in West Hills closed at $12.8 million. A Los Angeles-based company acquired the property from Illinois-based Quality Properties Asset Management Co. “The Villas at Sherman Place is one of the largest new townhome properties in West Hills” Wallace said. “The asset was delivered completely vacant, offering the new owner the flexibility to lease the townhomes as apartments or to sell them individually. The versatility of this deal, coupled with its location and quality of construction, caused quite a buzz amongst our investors. We received 16 highly qualified offers after just one month of marketing and the buyer won the deal after an aggressive bidding war." The buyer bought the property via a $1 million released deposit and a 25-day close. Wallace believes the new owner plans to sell the townhomes as condominiums.

Villa Bonita