IMT Capital Continues to Divest Apartments

Sherman Oaks real estate company IMT Capital has sold another apartment complex, its third since August. IMT sold IMT on the Boulevard at 6940 Sepulveda Blvd. in Van Nuys for $33 million, or $336,734 a unit, a record for the Van Nuys area, according to commercial real estate brokerage Berkadia. The buyer was Kort & Scott Financial Group in Anaheim, according to CoStar Group Inc. The 98-unit complex was built in 2009, with units that average 1,350 square feet in size and bring average rents of $1.55 a square foot, said Berkadia, a joint venture between Berkshire Hathaway and Leucadia National Corp. Berkadia Managing Director Jim Fisher, Senior Director Mike Smith and Managing Director Vince Norris negotiated the deal on behalf of IMT. In October, IMT sold its Thousand Oaks complex for $67 million, and in August, IMT sold its Westlake Village community for $88.3 million