Avison Young announced it has brokered the $10.8 million sale of Via Sherman Oaks, an 18-unit apartment property located at 4623 Willis Avenue in Sherman Oaks, California. At $600,000 per unit, the sale also marks a record-breaking per-unit price for the San Fernando Valley market (CoStar).
Peter Sherman, a Principal with Avison Young represented the seller, a West Coast multifamily investor. The buyer was a private family investor based in Los Angeles.
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 1,308 square feet and featuring 9-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.
“Our comprehensive marketing plan and persistence throughout the entire transaction process was integral to achieving this record-breaking result for the seller. 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.”
The property is within an affluent, supply-constrained, infill Los Angeles submarket and is walkable to Ventura Boulevard, a five-mile stretch from Sherman Oaks to Studio City, that offers the finest shopping, dining and entertainment within the Valley.