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[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.

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