SOLD: 38 Unit Apartment Building for $7,850,000
Calabasas, CA (9/2012) – Hirsch Sherman and Jared Levine of KW Commercial have sold a 38 unit apartment building located at 4770 Kester Avenue in Sherman Oaks, CA for $7,850,000. Although the property was not listed for sale, Hirsch Sherman and Jared Levine represented both the Buyer and Seller in the transaction which closed off-market. The property was purchased by a local investor who beat out multiple offers from both private and institutional buyers. Constructed in 1985, the property was a perfect value add project providing the Buyer with the opportunity to see substantial rental growth and appreciation over the short and long term. Low interest rates, lack of inventory, and positive rental growth has created an extremely competitive market place in which Buyers have had to get aggressive in order to secure desirable A and B type assets.