An eight-unit apartment property at 4737 Kester Avenue in Sherman Oaks, California has sold for $3,600,000. This marks a record-high price-per-unit 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 captured the attention of buyers with its new construction and prime location. Within three blocks of the bustling Ventura Boulevard, it is situated in a highly desirable 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. In a challenging time where low cap rates prevail, they achieved a 4.08% rate for 98.6% of the list price and sold the property to an all-cash buyer within three weeks of listing it.
“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.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.
