Kidder Mathews brokers Michael Monempour and David Saghian recently represented a private investor in the sale of an eight-unit apartment property at 4737 Kester Ave. in Sherman Oaks for $3,600,000. This marks a record-high per-unit price for rent-controlled apartments within the 91403 zip code area.
Built in 2014, this 8,611 square foot building is located near many fine dining establishments as well as shopping and entertainment options that make it highly desirable to potential tenants due to its walkability factor. Through strategic marketing efforts by Monempour and Saghian multiple offers were received resulting in an auction like environment which drove up the final sales price to set a new benchmark for similar properties within this region of Los Angeles County.
“This sale serves as proof that despite current market challenges such as interest rates or governmental policies commercial real estate remains attractive from both an investment perspective,” said Monempour “The enduring appeal of these types of investments was clearly demonstrated through this transaction.”
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