(To read more on the multifamily market, click here.)
SHERMAN OAKS, CA-Friedkin Realty Management Group of SanFrancisco has acquired the 392-unit Plaza at Sherman Oaks apartmentcomplex from Denver-based Archstone-Smith for $82.4 million in atransaction brokered by Gregory Harris of the Encino office ofMarcus & Millichap. Harris was also the broker of record whenArchstone-Smith bought the property in 2005 as part of a 540-unitportfolio that the Denver area REIT acquired from locally based PCSDevelopment for $112.35 million.
The Plaza at Sherman Oaks is a garden-style luxury developmentat 4500 Woodman Ave. that was approximately 98.5% leased at thetime of the sale. The complex, completed in 1969 and renovated in2000, is considered one of the top class A apartment properties inthe San Fernando Valley.
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