An eight-unit apartment property at 4737 Kester Avenue in Sherman Oaks, California has sold for $3,600,000. This marks a record-high price-per-unit for a rent-controlled apartment building in the 91403 zip code. Kidder Mathews’ Michael Monempour and David Saghian represented the seller, a private investor.
Built in 2014, the 8,611-square-foot property captured the attention of buyers with its new construction and prime location. Within three blocks of the bustling Ventura Boulevard, it is situated in a highly desirable area known for its walkability and proximity to an array of fine dining, shopping, and entertainment options.
Through strategic marketing, the brokers created an auction-like environment, resulting in a bidding war with multiple offers. In a challenging time where low cap rates prevail, they achieved a 4.08 percent rate for 98.6 percent of the list price and sold the property to an all-cash buyer within three weeks of listing it.
“This sale serves as an indicator of the strength and resilience of the market,” said Monempour. “Despite the current challenges posed by interest rates and governmental policies, this record-breaking transaction showcases the enduring appeal of commercial real estate as a solid investment.”
