Palo Alto-based Pacific Property bought the Sepulveda Boulevard complex from Robert Dollar Building Association for $18 million, according to John Walsh of the Encino office of Marcus & Millichap, who brokered the deal.
Built in 1988, the 4440 Sepulveda Blvd. complex includes 26 one-bedroom, one-bath apartments and 82 two-bedroom, two-bath units. The property's amenities include a fitness center, a pool, a spa, a gated entrance, underground parking and laundry facilities. The Sherman Oaks building is part of a San Fernando Valley office market where demand remains high and construction activity is limited, according to the most recent research report by Marcus & Millichap. The report points out that the Valley's population continues to grow steadily, suggesting that demand will continue unabated.
In the two other closings, also Walsh deals, the Henry and Winifred Chow Trust bought 77 units in the Mid-Wilshire district for $6.85 million from Preston House LP and Nottinghill Gate LLC acquired 60 units in Hollywood for $5.8 million from Pentaco Management.
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