California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
IPA Brokers $21M Sale of Sherman Oaks Apartment Complex
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the $21 million sale of the Addison Arms Apartments, a 57-unit property in the Sherman Oaks neighborhood of Los Angeles. The per-unit price works out to just over $369,000.
IPA’s Kevin Green, Joseph Grabiec and Greg Harris represented the seller and procured the buyer, a private family. According to Green, the previous owner of Addison Arms spent $2.2 million on upgrades that include mechanical systems, a new roof, new AC system, renovations to 45% of the unit interiors and exterior improvements from landscaping to paint to lighting.
“With easy access to the 405 and 101 freeways, the property offers accessibility to thousands of major employment centers,” said Grabiec. “Given the property’s renowned location, we held a highly competitive sales process to acquire Addison Arms, which has consistently produced great returns throughout previous ownership.”
- ◦Sale/Acquisition
