Case Studies | The Boulevard
The Boulevard
105-Unit Multi-Family Community
4420-4440 Sepulveda Boulevard | Sherman Oaks, CA
Sales Price: $28,925,000
Seller: Pacific Property Company
Buyer: AMLI Residential
Units: 105
Price per Unit: $275,476
Price per Sq. Ft.: $318.57
Current CAP: 4.14
Current GRM: 14.03
Market CAP: 5.73
Market GRM: 11.73
Year Built: 1988
Lot Size Sq. Ft.: 39,391
Gross Bldg. Sq. Ft.: 99,989
Net Rentable Sq. Ft.: 91,220
Financing: All Cash
Loan Originator/Broker: N/A
First Loan Amount: N/A
On Market Date: June 28, 2006
Close of Escrow: November 27, 2006
Seller Strategy | Business Plan
The seller had a value-add business plan with a three-to-five year hold period.
Buyer Strategy | Business Plan
The buyer was aggressively seeking a core-plus investment opportunity in Southern California to make their first entry into this particular market.
Process and Outcome
Sherman Oaks is an area that sees a tremendous amount of activity. This asset required maximum exposure to local and national entities alike. We were able to identify an investment group that had heightened motivation to acquire just such an asset.
Client Quote
“Greg Harris and his team provided Pacific with outstanding representation during our sale of The Boulevard Apartments in Sherman Oaks, CA. Greg’s local market knowledge allowed us to work together to appropriately position the property to appeal to the broadest possible audience of buyers. This ultimately resulted in a sale to an institutional investor who was extremely motivated to re-enter the California market, following a period of limited activity. My partners and I were pleased with the resulting transaction and I would recommend The Harris Group without hesitation.”
Rory Gardner, Managing Director, Pacific Property Company