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September 30, 2023
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Res Property in the San Fernando Valley Trades for $369k per Unit


Addison Arms Apartments, a 57-unit apartment building in the San Fernando Valley community of Sherman Oaks, traded in a deal worth $21.05 mil, or $369.3k/unit. The property is located at 14320 Addison St, north of the 101 Fwy and east of Van Nuys Blvd.

Originally constructed in 1969, the previous ownership of Addison Arms spent $2.2 million on capital expenditures to upgrade property systems, common area amenities, and 45% of the unit interiors. The improvements include a new roof, new commercial air conditioning system, and upgrades to the landscaping, signage, exterior paint, leasing office, clubhouse, hallways, exterior lighting, and the addition of one accessory dwelling unit.

Kevin Green, Joseph Grabiec and Greg Harris with IPA represented the seller, a private Los Angeles owner, and procured the buyer, a private family.

“With easy access to the 405 and 101 freeways, both of which are within a mile of the property, Addison Arms offers accessibility to thousands of major employment centers such as West LA, Beverly Hills, West Hollywood, Hollywood, Downtown LA and Santa Monica, which are all accessible within 20-30 minutes from Sherman Oaks,” noted Grabiec.

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