The 72-unit complex is called the Val D'Amour Apartments and islocated at 854 S. Oxford Ave. in Koreatown. Brent Sprenkle, asenior vice president in the West Los Angeles office of Sperry VanNess Real Estate Services, tells that the sales priceof $7.52 million represented a record price per unit for a propertyof its type: 1920's construction, brick structure, no parking,master-metered and almost all studio apartments.


Sprenkle represented the seller, Los Angeles-based SebrenDevelopment Inc. He describes the complex as a a classic six-storyArt Deco property and a registered historic landmark. The ValD'Amour features 10 one-bedroom units with one bathroom, 50 studiounits with full kitchens and bathrooms and 12 efficiencies withkitchenettes and bathrooms. The property was 97% leased at the timeof the sale, with rents ranging from $480 to $1,395.


[IMGCAP(2)]The 70-unit property that sold was the WindsorVillage Apartments at 14211 Sherman Way in Van Nuys, which tradedfor $7.25 million in a deal brokered by the Harris Group of Marcus& Millichap. Executive vice president Greg Harris, who headsthe Harris Group, notes that, "In the middle of the transaction thecredit crisis hit, creating a major obstacle--a lack offinancing."


The financing snag occurred after the Harris Group hadidentified what Harris calls "the perfect niche buyer for thisasset," a locally based private investor. Harris worked withmortgage brokers to keep the transaction afloat and help the buyersolidify financing at a 75% loan-to-cost ratio. He says that a keyto closing the deal was "honest and open communication with thebuyer and seller, Sherman Way 70 LP, in light of the marketsituation we faced."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.