Abacus Capital pays $73M for Sherman Oaks apartment complex

Investment firm Abacus Capital Group has completed a large multifamily acquisition in Sherman Oaks, The Real Deal has learned. 

Abacus, which is based in New York City, acquired 4735 Sepulveda Boulevard, a 236-unit residential complex near the 405 Freeway near the corner of Camarillo Street and Sepulveda Boulevard. The 271,800-square-foot asset changed hands in a $72.5 million transaction, according to a deed filed in Los Angeles County’s Registrar’s Office. 

The property, also known as Veda, has apartments ranging in size from 755 square feet to 974 square feet, according to a listing on Apartments.com. Abacus’ acquisition closed on April 3, property records show.

The seller is Arizona firm Alliance Residential Company. Alliance bought the asset for $81 million in 2016.

Abacus is funding the acquisition with a $43.4 million mortgage from JLL Real Estate Capital. The loan matures in 2029. 

Abacus, which claims to have invested $4.8 billion in multifamily since its founding in 2004, has several Los Angeles County properties in its portfolio, according to its website. They include The Atrium at West Covina, a 138-unit residential complex at 1829 East Workman Avenue, and the Eton Warner Center, a 298-unit apartment property at 6701 Eton Avenue in Canoga Park. 

The Abacus acquisitionl adds to a string of large multifamily transactions in Los Angeles over the past few months. In March, FPA Multifamily bought 888 at Grand Hope Park, a 34-story luxury residential tower in Downtown Los Angeles, for $186 million. A month later, Blackstone acquired an eight-property portfolio in Fairfax, Century City, Venice, Calabasas, Simi Valley and around Park La Brea. The deals were part of the firm’s $10 billion acquisition of AIR Communities.