An eight-unit apartment property at 4737 Kester Ave. in Sherman Oaks sold for $3,600,000. This marks a record-high per-unit price for a rent-controlled apartment building in the 91403 zip code. Kidder Mathews’ Michael Monempour and David Saghian represented the seller, a private investor.
Built in 2014, the 8,611-square-foot property is situated in an area known for its walkability and proximity to an array of fine dining, shopping, and entertainment options. Through strategic marketing, the brokers created an auction-like environment, resulting in a bidding war with multiple offers.
“This sale serves as an indicator of the strength and resilience of the market,” said Monempour. “Despite the current challenges posed by interest rates and governmental policies, this record-breaking transaction showcases the enduring appeal of commercial real estate as a solid investment.”
Sherman Oaks Apartments Set Per-Unit Price Record
Sherman Oaks Apartments Set Per-Unit Price Record
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An eight-unit apartment property at 4737 Kester Ave. in Sherman Oaks sold for $3,600,000. This marks a record-high per-unit price for a rent-controlled apartment building in the 91403 zip code. Kidder Mathews’ Michael Monempour and David Saghian represented the seller, a private investor.
Built in 2014, the 8,611-square-foot property is situated in an area known for its walkability and proximity to an array of fine dining, shopping, and entertainment options. Through strategic marketing, the brokers created an auction-like environment, resulting in a bidding war with multiple offers.
“This sale serves as an indicator of the strength and resilience of the market,” said Monempour. “Despite the current challenges posed by interest rates and governmental policies, this record-breaking transaction showcases the enduring appeal of commercial real estate as a solid investment.”
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