Sherman Oaks Apartments Sell for $4.9 Million

A Sherman Oaks apartment complex has sold for nearly $4.9 million, or $243,750 per unit. The complex, at 14905 Dickens St., features four one-bedroom, 10 two-bedroom and six three-bedroom units. The seller was a private trust based in Oceanside and the buyer was a Los Angeles-based LLC. The transaction was a 1031 exchange, according to Jason Tuvia, a Marcus & Millichap associate vice president in the firm’s Encino office, who represented the seller. In a statement Tuvia, said the deal was “demonstrative of the trend we’re seeing in Los Angeles County where investors seek out properties with strong upside potential. … The 3.39 percent cap rate that the property sold at is considerably low for the area, especially given that the asset is larger than most neighboring properties.” The complex was built in 1957 on a 26,629-square-foot property.