92.9 F
San Fernando
Saturday, Feb 24, 2024

North Hollywood Multifamily Complex Sells for $2.8 Million 

A 13-unit multifamily property in North Hollywood has sold for $2.8 million, or $215,385 per unit. The property is located at 8241 Whitsett Ave.

Rick Raymundo and Matthew Maun of Marcus & Millichap represented both the seller and the buyer in the transaction. After generating multiple offers, the property was ultimately awarded to an all-cash buyer who was able to close escrow in 19 days.

The building was 100% occupied at the time of sale.

“We’ve seen more offer activity thus far in 2023 than we had in the fourth quarter of 2022, and this listing is a prime example of that renewed investor confidence,” Raymundo said in a statement.  “Once the buyer saw the property’s condition and its recent upgrades, including the completed seismic retrofit repairs, they were comfortable enough to move swiftly with their purchase.”

“One factor that drew attention to this listing was the scarcity of apartment stock in the neighborhood. Even though it’s near a major intersection and close to two major freeways, there were only four apartment properties within a half-mile in all directions. That lack of supply in an otherwise high-demand area like North Hollywood was very attractive to investors,” Maun added in a statement.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is Interim Editor at the Los Angeles Business Journal and the Inside The Valley. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

Featured Articles

Related Articles