(To read more on the multifamily market, click here.)

SHERMAN OAKS, CA-Friedkin Realty Management Group of San Francisco has acquired the 392-unit Plaza at Sherman Oaks apartment complex from Denver-based Archstone-Smith for $82.4 million in a transaction brokered by Gregory Harris of the Encino office of Marcus & Millichap. Harris was also the broker of record when Archstone-Smith bought the property in 2005 as part of a 540-unit portfolio that the Denver area REIT acquired from locally based PCS Development for $112.35 million.

The Plaza at Sherman Oaks is a garden-style luxury development at 4500 Woodman Ave. that was approximately 98.5% leased at the time of the sale. The complex, completed in 1969 and renovated in 2000, is considered one of the top class A apartment properties in the San Fernando Valley.

Among the amenities at the Plaza are a 40-seat theater and screening room, a full-service concierge, an on-site dry cleaner, a golf putting course, tennis courts, sand volleyball courts, a resort-style swimming pool, two spas, a fitness center and massage, steam and tanning rooms. The property consists of six four-story buildings on 5.42 acres, with units ranging from 419 sf to 1,300 sf.

The Plaza is located in a San Fernando Valley multifamily market that is considered one of the strongest in the Los Angeles area, which in turn is one of the strongest markets in the state.

A recent report by Marcus & Millichap notes that, in L.A., “The expanding renter pool has been able to absorb the large number of new units delivered in recent years and that owners are expected to raise asking rents 5.2% in 2006 to $1,350 per month. Effective rents are forecast to increase 6.2% this year in the region.

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