(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
SHERMAN OAKS, CA-Equity Residential has paid an undisclosed sum for the the Encore at Sherman Oaks, a 174-unit apartment complex in this affluent Los Angeles neighborhood. AEW Capital Management LP sold the asset on behalf of an institutional client.
Although the sale terms were not made public, the cap rate was in the 4.5-4.75% range. The “compressed” level of that cap rate indicates the high demand for institutional-grade multifamily assets in this tight market. Built in 1988, the complex is 95% occupied.
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