IMT Sells Two Sherman Oaks Apartment Complexes

Sherman Oaks real estate company IMT Capital has sold more than 400 apartment units in Valley Village for $185 million, according to real estate database CoStar Group Inc. Real estate investment trust Essex Property Trust Inc. in San Mateo bought the 264-unit Ashton Sherman Village at 12729 Riverside Drive, built in 2013, and the 144-unit Emerson Valley Village at 12021 Kling St., built in 2010. The price per unit was $453,431. Mark Peterson with Eastdil Secured in Irvine arranged the deal on behalf of IMT, according to CoStar. IMT has sold five apartment complexes since August. In November, Essex sold the 189-unit Candlewood North apartment complex in Northridge for $43.5 million to Chicago real estate investment company Waterton. The price represented a 20 percent gain for Essex.