Alliance Residential Co. of Phoenix shelled out $81 million to acquire a 236-unit Class A multifamily building at 4735 Sepulveda Boulevard in Sherman Oaks, The Real Deal has learned. It paid the seller, Northwestern Mutual Life Insurance Co., $343,220 a unit for the property, dubbed the Grand Apartments.
Northwestern sold because it was the right time in the market to achieve high pricing, according to notes provided by CoStar Group. Alliance Residential and Northwestern Mutual Life could not be reached for comment.
The building was 95 percent leased at the time of sale, according to CoStar, and gets rents that are higher than average for the area. Its one-bedroom apartments average 766 square feet and rent for an average of $2,034 a month. Its two-bedroom units average 1,050 square feet and rent for $2,350. The average asking price for newer two-bedroom units in Sherman Oaks is $2,066, according to CoStar. Older apartments only get $1,537.
The Grand has a pool and spa. It is in walking distance from the ArcLight.