Mechanics Bank of Richmond (MCHB)

[Enterprising Investor]

El Dorado Villas Sold for $19.5M (11/02/15)

Harrison Properties Purchases 33 Units in Sherman Oaks

By Raul Lozoya

A private investor sold the 33-unit El Dorado Villas apartment building at 4510 Murietta Ave. in Sherman Oaks, CA for $19.5 million, or about $574,000 per unit, to Harrison Properties, Inc.

The three-story, 50,288-square-foot multifamily property was built in 2008 on six-tenths of an acre in the Sherman Oaks submarket of Los Angeles County. The unit mix consists of two- and three-bedroom condo-style apartments.

The buyer financed the acquisition in-part with a new $10.4 million loan from Mechanics Bank.

Jeff Louks and Gayle Factor of Marcus & Millichap represented the buyer. Brent Sprenkle at Berkadia represented the seller.

Please see CoStar COMPS #3405713 for more information on this transaction.

http://www.costar.com/News/Article/El-Dorado-Villas-Sold-for-$195M/176864?src=rss