Abacus Capital Group acquired a 236-unit residential complex near the 405 Freeway in Sherman Oaks for $72.5 million.
The property, known as Veda, offers apartments ranging from 755 to 974 square feet. Abacus funded this acquisition with a $43.4 million mortgage from JLL Real Estate Capital.
Abacus has a history of investing in multifamily properties and boasts holdings across Los Angeles County, such as The Atrium at West Covina and Eton Warner Center.
This acquisition adds to a trend of large multifamily transactions in LA; FPA Multifamily acquired 888 at Grand Hope Park for $186 million, and Blackstone bought an eight-property portfolio as part of a $10 billion deal.
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