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

SHERMAN OAKS, CA-Pacific Property Co. has sold its 105-unit Boulevard at Sherman Oaks apartment complex for $28.9 million. The property is one of the few class A luxury apartment complexes in the Sherman Oaks submarket, notes broker Gregory Harris of Marcus & Millichap.

Harris, whose Harris Group represented both the buyer and the seller, adds that the Boulevard property is the only such luxury apartment development that’s located south of Ventura Boulevard. The name of the buyer was not disclosed, but industry sources tell GlobeSt.com that the new owner is Morgan Stanley Real Estate.

The five-story Boulevard complex, at 4420-4440 Sepulveda Blvd., is situated close to the 101 Freeway and just a few blocks south of the Sherman Oaks Galleria. Harris says that the property, which was 97% occupied at the time of the sale, “presented an exceptional opportunity to own a marquee asset with upside.”

Built in 1988, the Boulevard consists of one- and two-bedroom units with one and two baths respectively, and is a non-rent control property. It features a fitness center, a landscaped courtyard and pool, a rooftop spa and a gated, subterranean parking garage.

The Sherman Oaks property is part of a San Fernando Valley apartment market that has performed very well, with a vacancy rate that fell 60 basis points to 2.7% in the past 12 months, according to a Marcus & Millichap report. Thanks to the tight rental market and construction of relatively few new units compared with demand, “apartment owners were able to aggressively raise rents over the past 12 months,” the report said.

The Boulevard complex sale is the latest in a series of Southern California deals this year for Pacific Property Co. Pacific, which acquired the building in 2003, renovated it extensively. The company is based in Palo Alto, with offices in Los Angeles, Irvine, San Diego and Seattle.

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