Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $21.05 million sale of the 57-unit Addison Arms Apartments in Sherman Oaks, Calif. The seller was TruAmerica Multifamily, which bought the property back in 2018 from Fein, Jerome & Joy in a $15.5 million transaction, according to Yardi Matrix data. In 2020, the community became subject to a 10-year, fixed-rate Fannie Mae loan of $10.5 million, the same source shows.
Completed in 1969, the property encompasses one- and two-bedroom units ranging between 789 and 1,157 square feet. Common-area amenities include a clubhouse, a spa, a swimming pool and two laundry facilities. IPA Executive Director Kevin Green said in prepared remarks that the previous owner spent $2.2 million for upgrading the property systems, 45 percent of the unit interiors and the common-area amenities.
Located at 14320 Addison St., Addison Arms Apartments is less than a mile from freeways 101 and 405, and within a 30-minute drive of employment centers such as Beverly Hills, Hollywood and Downtown Los Angeles. There are many dining options, retail spaces and entertainment venues in the proximity. Sherman Oaks Recreation Center and Anthony C. Beilenson Park are some of the green areas close to the property. Health-care facilities Kaiser Permanente Panorama Hospital and Valley Presbyterian Hospital are only a 15-minute drive away.
Joseph Grabiec, Greg Harris and Green represented the seller and procured the buyer, a private party. TruAmerica has recently acquired a 372-unit property in Brandon, Fla., in a portfolio sale of $50.8 million.