Valley Village, California, a submarket with strong renter demand, offered a unique apartment product opportunity for IMT Capital. With approximately 1,000 feet of frontage on Riverside Drive, Sherman Village serves as the premier rental community in the submarket. Less than a half-mile from US Route 101, the property provides convenient access to major employment centers in the San Fernando Valley, West Los Angeles, Hollywood, and downtown Los Angeles areas.
IMT Capital acquired the Sherman Village development site after a previous developer defaulted on a purchase contract at a much higher price, despite spending significant time and resources on necessary development entitlements. Fund I acquired the property in November 2010. IMT’s investment in Sherman Village benefited from existing design and entitlement work, including a vesting zone change to allow the development of a 264-unit apartment community. This work, completed by the previous group under contract, significantly reduced the pre-development timeline and risk for IMT. Construction on the first phase commenced in the third quarter of 2011 and was completed in the second quarter of 2013. The second phase of construction began in the first quarter of 2012, with completion and delivery in the second quarter of 2014.
With the completion of IMT’s business strategy, Sherman Village was sold in December 2016.