SHERMAN OAKS—Mill Creek residential, a leader in multi-family investment and operations firm that specializes in premier apartment communities, has announced the acquisition of AMLI on the Boulevard. As part of the multi-million dollar acquisition, Mill Creek has also rebranded the community Alister Sherman Oaks and has decided to renovate both the interior and the exterior of it.
Mill Creek already has 14 offices around the U.S. and has apartment complexes in Seattle, Portland, the San Francisco Bay Area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington D.C., New Jersey, New York and Boston. According to PR Newswire, Mill Creek Residential now owns 340 apartment homes, including Alister Sherman oaks, and has 595 apartments in development.
The new acquisition of AMLI on the Boulevard aims to bring the community in line with the upscale location and increase the community’s value. The four-story community is located at 4440 Sepulveda Boulevard, near Sherman Oaks Galleria and Ventura Boulevard’s restaurants and bars. Also close to the location is Whole Foods, popular tavern Blue Dog Beer, Cucina Bene, Little Izaka-Ya and Puchica.
“This is the kind of location Los Angeles-area renters expect out of a Class A apartment community, where they can live, work and be entertained all within a few miles,” Wesley Dickerson, senior managing director for Mill Creek said, “By implementing an upgrade package that brings the amenities and features of the community up to par with its incredible location, we believe there is tremendous upside potential for Alister Sherman Oaks.”
Mill Creek will renovate and update the apartments, the leasing office, the pool area and the fitness center. They will also upgrade signage and landscaping. Each apartment will have renovated kitchen and baths, stainless steel appliances, modern lighting, more closet and storage space, carpeting and breakfast bars.
The rooftop deck will also be renovated and will now include barbecue grill.
“The Los Angeles metropolitan area continues to be one of the strongest apartment markets in the country, and the Sherman Oaks neighborhood is well positioned to benefit from its continued growth,” said Dickerson. “Alister Sherman Oaks presents an excellent opportunity to implement upgrades that will significantly increase the community’s value to the residents who live there, the neighborhood and our investment partners.”