Fountain Glen, a 20-unit apartment complex in Sherman Oaks, sold for $4.5 million this month after attracting more than 20 offers.
The 17,796-square-foot complex, at 13830 Moorpark St., was built in 1978. It has 13 one-bedroom, one-bathroom units and seven two-bedroom, two-bath apartments.
Paul Darrow and Ronald Harris of Marcus & Millichap’s downtown office represented both the buyer, Wilco Holdings LLC of Santa Monica, and the seller, Bogert Investments LLC of Los Angeles.
Darrow and Harris said the sale, and its high number of offers, is reflective of the Valley's still hot multifamily market. The pair also closed in May the sale of the 12-unit apartment building across the street from Fountain Glen, at 4405 Matilija Ave..
The 9,140-square-foot Matilija property was built in 1976 and has a mix of studio, one-bedroom and two-bedroom apartments. It was sold for an undisclosed amount to a private investor.
Darrow noted that the location, in desirable Sherman Oaks, played a role in the quick sale of both buildings, which were both put on the market in May and drew multiple offers, driving up the price. The Matilija property closed in just 21 days.
“Because Matilija was a value-add purchase opportunity and Fountain Glen was a pride-of-ownership purchase, the buyer pool for each offering had very little overlap,” said Darrow in a statement. “The one commonality was investors’ strong desire to acquire extremely well-located real estate.”