Interstate Equities Corp. has acquired the 88-unit Cambridge Apartments in the Sherman Oaks neighborhood of Los Angeles for $29.4 million. The seller was a joint venture between NNC Apartment Ventures and Bailard Inc. Yardi Matrix information shows the partnership purchased the asset in 2004 for $6.4 million.
Located at 14340 Addison St., close to Van Nuys and Ventura Boulevards, the asset is within walking distance of public transit, 2 miles from the 101/405 freeway interchange and is roughly 17 miles from downtown Los Angeles. According to Senior Managing Director Joe Grabiec of Institutional Property Advisors, the residents of Sherman Oaks are some of the most affluent in the San Fernando Valley, with an average income 35 percent higher than the region as a whole. Additionally, almost 60 percent of the population holds a college degree.
The community comprises one- and two-bedroom apartments in two adjacent two-story buildings completed in 1962. Common-area amenities include two pools, a fitness center and a clubhouse. As of September, the asset was 96.6 percent occupied, according to Yardi Matrix data.
Grabiec, together with Senior Managing Director Kevin Green and Executive Director Greg Harris, closed the deal on behalf of the seller. This summer, a similar team from the brokerage company represented the seller in a $140 million transaction of two Los Angeles communities.