Sherman Oaks apartment developer and manager IMT Residential has sold off several local apartment complexes as part of an 11-property portfolio, according to CoStar Group Inc.
IMT sold a total of nearly 4,500 units across three states for $791 million, or about $176,000 a unit, to LivCor in Chicago, which is owned by New York investment firm Blackstone Group.
Locally, the four complexes include the 52-unit IMT Park Encino at 4940 Paso Robles Ave.; IMT Townhomes at Magnolia Woods, which has 30 units at 4625 Magnolia Blvd. in Sherman Oaks; a 49-unit complex, IMT Magnolia, at 14925 Magnolia Blvd. also in Sherman Oaks; and the 23-unit IMT Rancho Serrano Townhomes in Thousand Oaks at 166 N. Rancho Road.
Brokers who negotiated the deal for LivCor include Avery Klann, Hampton Beebe, Jonathan Senn, Kevin Judd, Scott Ramey and Patrick Dufour of ARA Newmark. All of the above, but also Ryan Moody, Ryan Crowley, Marc de Baptiste and Richard Donnellan Jr., represented IMT.