SUCCESS STORY
21 Unit Trophy Asset Sale in Sherman Oaks
4742 Sepulveda Blvd.
In total, we toured over 15 interested buyers and generated 9 qualified offers. The Sellers were relieved to accept an offer at 97% of the LP.
Price
$
10,275,000
City
Sherman Oaks
Current Cap Rate
3.53
%
Price P/ Unit
$
489,286
Lot Size
15,176
SF
4742 sepulveda
About the Property
4742 Sepulveda Boulevard was a 21-unit turnkey multifamily property in the heart of Sherman Oaks. Situated just north of Ventura Boulevard, the subject property was located near numerous offices, crowd-favorite restaurants and shopping centers. Each condo-quality unit features wood/tile flooring, stainless steel appliances, granite countertops, washer/dryer and balcony. With strong in-place tenant profiles and a Class-A location in the heart of the San Fernando Valley, 4742 Sepulveda Boulevard presented the perfect long-term opportunity for any type of investor.
Price
$
10,275,000
City
Sherman Oaks
Current Cap Rate
3.53
%
Price P/ Unit
$
489,286
Lot Size
15,176
SF
Background
In 2014, the Sellers had constructed this one-of-a-kind 21-unit condo-quality apartment building situated across from the Sherman Oaks Galleria. After owning the building for a number of years and capturing most of the upside, the Sellers decided it was the right time to cash out.
Challenge
With the Sellers having limited flexibility on price, we looked for a “needle in a haystack” exchange buyer who would appreciate the quality of construction, PRIME Sherman Oaks location, and strong in-place tenant profiles.
Result
We emphasized in-person tours to highlight the quality of this asset. In total, we toured over 15 interested buyers and generated 9 qualified offers over 6 months of marketing. The Sellers were relieved to accept an offer at 97% of the listed price. Contingencies were removed in June and escrow closed 60 days later. The Sellers are going to cash out and the buyers were thrilled to acquire a stabilized asset in a high-demanded rental market.
