A 236-unit apartment building in North Hollywood has sold for $27.5 million in one of the area’s largest real estate transactions in the past year and a half.
The Marquee Apartments were purchased by MG Properties Group, of San Diego, from Marquee Apartments LLC, of Phoenix. MG is a private owner and operator of apartments, with about 10,000 units across the Western United States.
The deal, which closed last week, represents the largest multifamily sale in the East Valley submarket in at least the last 18 months, according to data from the L.A. office of Colliers International.
The 135,000 square foot building mostly consists of studios and one-bedroom units, with a handful of two-bedroom floor plans. It’s about 96 percent leased, according to real estate data firm CoStar Group.
The apartments, built in 1965 on 4.5 acres, have undergone major renovations, including unit interiors and construction of a fitness center.
Robin Ossenbeck, a partner at the L.A. office of Hendricks-Berkadia, and Adrienne Barr, senior vice president, represented the seller in the deal.
“The transaction demonstrates the strength of the local multifamily market and the healthy demand for renovated buildings that are well managed with strong cash flow,” the two said in a statement.