Crimson Holdings Sells Multifamily Property in Sherman Oaks

Crimson Holdings (http://www.crimsonholdings.com), a Los Angeles-based real estate investment and development firm, recently sold a 15-unit apartment building in Sherman Oaks for $2.9 million to a private investor. Located at 13506 Rye Street, Crimson realized a profit having purchased the building only 14 months ago for $2.25 million. Crimson Property Management, a Crimson Holdings subsidiary successfully transformed the building to ensure profitability.

“We’re a turnaround shop, so we chose to take our profits and redeploy the capital on another new project in the San Fernando Valley. The fundamentals of the Valley are very strong right now.”

Before photo: http://tinyurl.com/mmpjl8r After photo: http://tinyurl.com/lq5zp6b

“It’s a good time for profit-taking,” said Pamela Day, CEO of Crimson. “We’re a turnaround shop, so we chose to take our profits and redeploy the capital on another new project in the San Fernando Valley. The fundamentals of the Valley are very strong right now.”

13506 Rye Street was constructed in 1959, but was recently renovated with high-end finishes, which helped Crimson increase rents at the property. The property is located south of the 101 Freeway and north of Ventura Boulevard.

Crimson has been actively acquiring value-add multifamily product in California beginning in 2003 and made its foray into the San Fernando Valley in 2011. The seller was represented by Jeff Louks of Marcus & Millichap. The buyer was represented by Rezi Ghobadi of Marcus & Millichap.

About The Crimson Companies

Founded in 2002, Crimson Holdings is a California-based real estate investment and services company headquartered in Los Angeles, CA with a satellite office in San Francisco. The company acquires and develops multifamily and mixed-use properties throughout infill areas of California, and also offers a comprehensive array of real estate services including property management, construction management, development services, and investment management. Through its syndication and separate account businesses, Crimson Holdings is a strategic investor of real estate investments California. For further information on the Crimson Companies, please visit www.crimsonholdings.com.

825 S. Barrington Ave, Suite 200 Los Angeles, CA 90049 T 310-405-0901 F 310-405-0914 info@crimsonholdings.com