A New York City-based investment group has gotten its hands on a large multifamily property in Los Angeles’ Sherman Oaks neighborhood at a 10.5 percent discount.
Abacus Capital Group paid $72.5 million for a 236-unit complex at 4735 Sepulveda Boulevard, about a block East of the 405 Freeway, according to The Real Deal, which cited L.A. County property records.
The seller, Scottsdale, Ariz.-based Alliance Residential Company, purchased the complex, dubbed Veda, in 2016 for $81 million, per property records.
To fund the purchase, Abacus secured a $43.4 million acquisition loan from JLL Real Estate Capital, that matures in 2029, per TRD.
Neither Abacus, Alliance nor JLL immediately responded to requests for comment.
Veda joins several other multifamily properties that Abacus owns in Southern California, according to its website, including the 412-unit Country Hills in Corona and the 138-unit Atrium at West Covina.
Alliance, for its part, is one of the largest rental residential developers in the country, building or acquiring, it says, more than 115,000 units, totalling more than $23 billion, since its founding in 2000.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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Channel, Residential, Sales, 4735 Sepulveda Boulevard, Atrium at West Covina, Country Hills, Veda, Los Angeles, San Fernando Valley, Abacus Capital Group, Alliance Residential Company, JLL Real Estate Capital
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