Saturday, June 27, 2015

San Fernando Valley, CA Apartment Complex Sells for $16.5 Million


Vista Modern Apartments,  4632-4646 Vista Del Monte Avenue,  San Fernando Valley
 
Sherman Oaks, CA


LOS ANGELES, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Vista Modern, a four-story, 34-unit apartment complex in Sherman Oaks, Calif.
 The $16,510,000 sales price equates to $485,588 per unit.

Jeff Louks
            Jeff Louks, senior vice president investments, and Janette Monfared, senior associate, both in Marcus & Millichap’s Encino office, represented the seller and procured the buyer, a Japanese construction company.

            “Vista Modern is a new apartment building located near Ventura Boulevard,” says Monfared. “Our unique investment property sales platform produced a winning all-cash offer for the asset followed by a three-week close.”

“As once-robust economies in Asia cool, some Eastern investors seek to diversify their portfolios with multifamily investment offerings in prime Los Angeles locations,” adds Louks.

Built in 2014 just west of Van Nuys Boulevard at 4632-4646 Vista Del Monte Ave. in Sherman Oaks, the apartment complex is close to public transportation, freeway access and shopping and entertainment outlets along Ventura Boulevard. A Gelson’s supermarket is close by and the Sherman Oaks Galleria is a short distance away.

Apartments at Vista Modern feature dark laminate wood floors, quartz countertops, stone backsplashes, imported Italian cabinetry, large balconies, recessed lighting, washers and dryers, nine-foot ceilings on floors one through three and 12-foot ceilings on the fourth floor.

Community amenities include a full fitness center, an extra-large rooftop patio with lounge chairs, 68 subterranean parking spaces, and a full security system.

For a complete copy of the company’s news release, please contact:

Gina Relva, Public Relations Manager

(925) 953-1716

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