Sherman Oaks Multifamily Fetches $77M
Raintree Partners has shelled out $77M for The Plaza at Sherman Oaks, a 392-unit luxury apartment community in the Valley. Raintree CEO Jeff Allen says the firm moved quickly to pick up the property, which is in a supply-constrained area. The 4500 Woodman Ave complex consists of eight, three-story buildings including studio, one- and two-bedroom units, as well as 20 three-story townhome villas. The buy brings Raintree’s California holdings to 17 multifamily communities, consisting of about 2,800 units.