Colliers International Closes $12.8 Million Multifamily Sale in the San Fernando Valley, California
Los Angeles, CA – September 15, 2011 – (RealEstateRama) — Kitty Wallace, Executive Vice President of Colliers International, the second largest global real estate services organization, closed the sale of the Villas at Sherman Place located at 23130 Sherman Place in West Hills, California. This 39-unit luxurious Tuscan styled property was recently completed in late 2010 and just sold for $12,800,000.
Kitty Wallace, based out of Colliers International’s West Los Angeles office, represented the Seller, Quality Properties Asset Management Company, an Illinois corporation. She also represented the Buyer, a publicly traded company based out of Los Angeles.
“The Villas at Sherman Place is one of the largest new townhome properties in West Hills” said Kitty Wallace. “The asset was delivered completely vacant offering the new owner the flexibility to lease the townhomes as apartments or to sell them individually to end-users. The versatility of this deal coupled with its location and quality of construction caused quite a buzz amongst our investors” notes Wallace. “We received 16 highly qualified offers after just one month of marketing and the Buyer won the deal after an aggressive bidding war. They purchased it for $328,200 per unit with a $1 million released deposit and a quick 25 day close.” Wallace believes the new owner plans to sell the townhomes as condominiums.
“West Hills is one of the best pockets of the San Fernando Valley” said Wallace. “It has a very high average household income of approximately $104,000, which is significantly higher than the national average of $67,000.” The property is close to employers, shopping, hospitals and schools. Additionally, the West Hills Hospital and Medical Center is located directly across the street from the property and is ranked in the top 10% of hospitals nation-wide for pulmonary care and the top 15% for maternity care. The hospital employs over 1,330 people, making the Villas an ideal location for resident doctors and interns who would like to live within walking distance of work. The Topanga Plaza Shopping Center and the Fallbrook Shopping Center are also within two miles of the Villas at Sherman Place.
The Villas at Sherman Place is comprised of 3 and 4 story townhomes with sweeping views of the San Fernando Valley. This 39-unit property has a total of 85,148 square feet of living space with units that range in size from 2,011 to 2,174 square feet. The unit mix includes seventeen (17) 2 bedroom, 2.5 bathroom units, and twenty-two (22) 3 bedroom, 2.5 bathroom units. The condominiums feature elegant finishes such as stainless-steel amenities, granite countertops, spa bathtubs, balconies, rooftop decks, vaulted ceilings, fireplaces, and 2 or 3 car garages. The property has secured entrances, extra storage spaces, and a tot-lot.
About Colliers International
Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
For further information please contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
