Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Addison Arms Apartments, a 57-unit apartment building in the Sherman Oaks neighborhood of Los Angeles, California. The property sold for $21.05 million, or $369,298 per unit.
“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 percent of the unit interiors,” said IPA executive director Kevin Green. “The property’s mechanical systems and building improvements that have been addressed 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 (ADU). These renovations have significantly increased the asset’s value, creating an incredibly attractive property within the San Fernando Valley.” Green, IPA’s Joseph Grabiec, and Greg Harris 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,” added Grabiec. “Given the property’s renowned location in the submarket and strong nearby demographics, including a five-mile population of 583,075 with an average annual household income of $113,220, we held a highly competitive sales process to acquire Addison Arms, which has consistently produced great returns throughout previous ownership.”