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5/14/21
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A local private investor paid $10.8 mil for Via Sherman Oaks, an 18-unit apartment property located at 4623 Willis Ave, north of Ventura Blvd and east of Kester Ave in Sherman Oaks. At $600k per unit, we’re told the sale marks a record-breaking per-unit price for the San Fernando Valley market (CoStar).
Via Sherman Oaks, constructed in 1999, is a four-story property with three levels of residential over a ground floor lobby and secure garage parking. All units are two-bedroom/two-bathroom floorplans averaging 1.3k sf and featuring nine-foot high coffered ceilings or 12-foot high vaulted ceilings, walk-in closets, oversized balconies with French doors, and in-unit full size washer/dryers.
The property is within an affluent, supply-constrained, infill Los Angeles submarket and is walkable to Ventura Blvd, a five-mile stretch from Sherman Oaks to Studio City along the southern end of the Valley that offers many desirable shopping, dining and entertainment choices. This includes The Shops at Sportsmen’s Lodge, the just renovated, $100 mil retail complex at the corner of Ventura Blvd and Coldwater Canyon, a few miles east of Via Sherman Oaks.
Peter Sherman with Avison Young represented the seller, a West Coast multifamily investor, in the transaction.
“Via Sherman Oaks is a special asset with exceptional construction and architectural detail,” said Sherman. “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.”
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