X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]SHERMAN OAKS, CA-The Regency Sherman Oaks, a class A institutional quality apartment complex, has sold for $16.5 million in one of the few such trades this year in Southern California. The Harris Group of Marcus & Millichap, which represented both the Los Angeles-based private investor that bought the property and the pension fund adviser that sold it, notes that the buyer secured favorable financing from Fannie Mae that will provide for immediate cash flow and long-term growth.

Built in 2000, the Regency Sherman Oaks is at 4616 Willis Ave. and went on the market in January. The Fannie Mae financing was originated by Jim McBirney of Capmark Finance and enabled the buyer to close “despite the current difficulties in this downward-trending market where transaction volume has been minimal.” The Harris Group describes the complex as an institutional-quality asset in a prime San Fernando Valley submarket.

The 69 units at the Regency Sherman Oaks include nine one-bedroom, one-bath units that average 803 square feet and 60 two-bedroom, two-bath units that average 1,394 square feet. The property was 95% occupied at the time of the sale.

[IMGCAP(2)]The Harris Group also has the listing on an 84-unit apartment complex in Pasadena that is a rare one of only a handful of multifamily buildings of that size that have been placed on the market in the past three years. The property is the Mark Pasadena, a three-story complex that was built in 1973 and is situated on 1.2 acres at 385 S. Catalina Ave.

The asking price for the complex is $20.1 million, with the brokers citing the property’s Old Town Pasadena location with high barriers to entry. Over the last three Years, only three apartment complexes larger than 50 units have sold within a one-mile radius of the property, according to the Harris Group, which explains that one reason so few properties have traded hands in the market is that Pasadena’s apartment market has maintained strong occupancies and rents throughout the ups and downs of the economy.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.