IMT Capital has purchased 5 acres of Sherman Oaks land for $58 million, according to CoStar data.

Kevin Shannon with Newmark Knight Frank represented the seller, Woodspear Properties.

IMT is eyeing the property, located at 4815-4827 Sepulveda Blvd. in Sherman Oaks, for its fully entitled residential project, Il Villagio Toscano (“Tuscan Village”), which will bring 325 units to the corner of Sepulveda and Camarillo Street. The development will features a 260,000-square-foot building with 44,000 square feet of retail space.

Il Villagio Toscano represents a downsized version of a long-in-the-works development that was originally designed by Killefer Flammang Architects. According to a 2010 Curbed Los Angeles report, the original version aimed to create 500 units but was met with fierce neighborhood opposition primarily over traffic concerns.

No construction date on the residential complex has been made available.