North Hollywood Apartments Trade to Locally Based LLC
Marcus & Millichap has finalized the sale of 13103 Barbara Ann St., a 41-unit multifamily property in North Hollywood. The property sold for nearly $5.89 million, or $143,610 per unit, and closed escrow at a 5.7% cap rate based on in-place income.
“The property had been under the same ownership for more than 30 years, creating a rare opportunity to acquire an asset of this size with significant repositioning potential,” said Rick Raymundo, executive managing director investments. “As recent pricing volatility has eased, we’re seeing buyers move with more confidence on well-priced properties when sellers are committed to completing a transaction. This buyer plans to make common area and interior upgrades throughout the property.”
Raymundo, in Marcus & Millichap’s Encino office, marketed the property on behalf of the seller, The Kwan Trust, and procured the buyer, a San Fernando Valley-based limited liability company.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout