Mill Creek Acquires AMLI on the Boulevard in Sherman Oaks

Los Angeles Apartments Rebranded as Alister Sherman Oaks, to be Renovated

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Jun 23, 2015, 01:21 ET

SHERMAN OAKS, Calif., June 23, 2015 /PRNewswire/ -- Mill Creek Residential, a leader in multifamily investment and operations specializing in premier apartment communities across the U.S., today announced the acquisition of AMLI on the Boulevard, which features 105 apartment homes in the Sherman Oaks neighborhood of metropolitan Los Angeles.

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As part of its multi-million dollar acquisition of the Class A community, Mill Creek Residential has rebranded the community Alister Sherman Oaks. Mill Creek Residential will renovate the community, including the interiors and exterior.

"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 Wesley Dickerson, senior managing director for Mill Creek. "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."

Mill Creek Residential will update the remaining classic-style apartments, leasing office, pool area and fitness center, and upgrade the signage and landscaping. Each apartment home will receive upgrades, including kitchen and bath cabinetry, quartz countertops, stainless steel appliances and modern lighting and plumbing packages.

The upgrades will bring the four-story community in line with its popular, highly walkable location. Alister Sherman Oaks' centralized location at 4440 Sepulveda Boulevard provides near-direct access to many key destinations. The community is in the midst of an active neighborhood offering close proximity to a host of high-rated, diverse cuisine options, such as Cucina Bene, Simon's Café, Little Izaka-ya and Puchica. The popular Blue Dog Beer Tavern also is a half-block away.

Whole Foods is located across the street from Alister Sherman Oaks, and additional nearby attractions include the Sherman Oaks Galleria and Ventura Boulevard's eclectic mix of restaurants and bars. In addition, freeways 405 and 101 are adjacent to the community, providing access to employment centers and entertainment venues across the city.

"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," said Dickerson. "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."

Inside the apartment homes are a spacious living area, ample closet and storage space, plush wall-to-wall carpeting in the bedrooms and high ceilings, some vaulted. Some apartments are equipped with private balconies, gas-burning fireplaces and breakfast bars. The soon-to-be renovated rooftop deck includes barbecue grills.

Including Alister Sherman Oaks, Mill Creek Residential now owns and operates 340 apartment homes, with an additional 595 in development, in the Los Angeles metro area.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the investment in and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets including 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. Currently, the company's portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.