The LA Apartment Advisors are pleased to announce the impressive sale of these 13 units, located at 4535 Murietta Avenue in Sherman Oaks, California. Built in 1965, the offering consists of an excellent unit mix with 3- 1-bed/1-bath units, 9- 2-bed/2-bath units, and 1- 2-bed/1-bath unit. 

Due to our unmatched track record in the San Fernando Valley, and in Sherman Oaks in particular, we were able to gather enough activity for this rent controlled property through our contacts with the local investor and brokerage community to gather multiple offers near list price and with great terms. Eventually, the winning offer came from a local investor who owns many properties nearby. The buyer decided to purchase this property due to the long term value of the location and the convenience of managing it due to the close proximity to his other buildings.

One of the factors helping push the buyer's price was the fact that he was able to lock in a great low interest rate loan. However, we made sure that the loan was not a contingency to this transaction, which could have led to a cancellation of escrow far into the escrow process for reasons outside of anyone's control. By negotiating the loan contingency out of the contract, and requiring the buyer to have proof of funds for an all-cash purchase in case the loan fell apart, we were able to better guarantee a smooth escrow and closing for our seller. 

With regards to the property itself, this was a very well renovated property that still had some upside left over for the buyer. Within the past 2 years, the Seller did significant renovations and capital improvements to the property, including a complete renovation of the interior of 5 out of the 13 units, 100% completion of seismic retrofit work, repaint of the entire property, upgraded all exterior lighting, complete re-landscaping, upgraded roof, etc. The work that the seller did to this property allowed him to achieve this very high price since many of the major issues facing investors today with these older buildings was already fixed. 

For more information on this sale, or to receive a free pricing analysis and/or 1031 exchange analysis on your apartment building, please contact us today.