An 18-unit Sherman Oaks multifamily property has sold for $10.8 million, or $600,000 per unit.
The units, located at 4623 Willis Ave., are called Via Sherman Oaks. According to CoStar data, these apartments were built in 1999 and renovated just last year. The four-floor complex covers 24,046 square feet.
Avison Young Principal Peter Sherman negotiated on behalf of the seller, a West Coast multifamily investor while the buyer, a private family investor based in Los Angeles, was represented by another brokerage. The brokerage said the per-unit price was a record for the San Fernando Valley.
“Our comprehensive marketing plan and persistence throughout the entire transaction process was integral to achieving this record-breaking result for the seller,” Sherman said in a statement. “The seller took advantage of those strengths and did a masterful job on extensively remodeling and completing high-end upgrades for 10 of the 18 units. The buyer will benefit with a straightforward plan to pursue those same interior unit renovations on the remaining units to further drive income growth.”
Comparable area multifamily deals include the 16 units at 14521 Hartland St. in Van Nuys, which sold for $5.2 million, or $324,688 per apartment, last month; and the nine units at 5804 Woodman Ave. in Van Nuys, which sold for $1.53 million, or $169,444 per apartment, last April.