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Thursday, Jun 8, 2023

Sherman Oaks Apartments Sell for $77 Million

A Sherman Oaks luxury apartment complex has been sold for $77 million to Raintree Partners LLC, a Laguna Niguel real estate company that last year acquired another nearby complex. The 392-unit Plaza at Sherman Oaks, 4500 Woodman Ave., was constructed in 1969 and underwent extensive renovations a few years ago. Raintree said it plans to combine management of the building with the 39-unit Villa Sofia at 4470 Woodman Ave., which it acquired for $13.47 million. “We will combine the operations of The Plaza and Villa Sofia, creating operating efficiencies for both properties,” said Aaron Hancock, Raintree’s director of acquisitions, in a statement. “In addition, we will be able to offer the residents at Villa Sofia access to the extensive amenities offered at the Plaza.” The Plaza was sold by San Francisco real estate management company Friedkin Realty Group. Previously, it was owned by Oakwood Worldwide. Marc Renard of Cushman & Wakefield represented both the buyer and the seller in the latest transaction. Financing was secured by Troy Tegeler of CBRE Inc., with funding by Freddie Mac.

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