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August 13, 2020
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Sherman Oaks Apartment Property Sells for $455k/Unit


H & R Investments LP paid $9.1 mil, or $455k/unit, for a 20-unit multifamily property in Sherman Oaks. The property, located at 15323 Weddington St, was sold by The Rubino Trust.

The property was sold by a family entity that originally developed the asset in 1986 and have owned the asset ever since. The property had been well maintained, although the buyer intends to update the unit interiors to improve cash flow. The apartments average around 1.4k sf in size and feature in-unit washer/dryers.

Rick Raymundo with Marcus & Millichapís National Multi Housing Group represented the all-cash buyer in the deal. Greg Marderian of AOA Commercial Brokerage repped the seller. Based on in-place income, the property sold at a 3.38% cap rate and 17.63 GRM, which can improve to a 4.48% cap rate and 14.77 GRM once occupancy is stabilized.

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