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Value-Add Apartments Get 30 Offers

SHERMAN OAKS, CA—The sale of a 105-unit apartment complex receives 30 offers from a range of investors looking to uncover untapped demand for luxury multifamily, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on May 29, 2015

SHERMAN OAKS, CA—Mill Creek Residential has purchased AMLI on the Boulevard, a 105-unit apartment complex in Sherman Oaks, from AMLI Residential, GlobeSt.com reports exclusively. The purchase price for the sale was not disclosed, although, sources unrelated to the deal tell us that AMLI Residential purchased the property for $29 million in 2006, just to offer some context. The property was marketed as a value-add asset.

“The property is in a really great location and it is a really great value-add opportunity, so there were a lot of people that were interested in it,” Brett Betzler, a director at Moran & Co., tells GlobeSt.com. “We ended up doing 50 property tours with different investors and we got about 30 offers on the property.” Betzler represented the seller in the transaction along with Mary Ann King, president of Moran & Co.

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