Americana Garden Apartments, a 41-unit multifamily property in North Hollywood, has sold for $10 million, or $407 per square foot.
The transaction for the complex at 10841 Whipple St. represents its first sale in decades. According to CoStar data, it is one of only four properties to ever sell for more than $400 per square foot in the submarket.
Built in 1972, the structure spans 24,510 square feet.
Rick Raymundo of Marcus & Millichap Inc. represented both the seller, Americana Garden LLC, and the buyer, Whipple Plaza LLC.
“The buyer is quite familiar with the Toluca Lake and North Hollywood areas, having already established a substantial footprint locally,” Raymundo said in a statement. “Because of this, they recognized the asset’s potential value after repositioning it and bringing rents to market. We worked with them to craft a non-contingent offer that would make the sellers comfortable moving forward.”
