Post Investment Group and Walker & Dunlop Investment Partners have paid $44 million to buy a 236-unit, garden-style apartment complex in North Hollywood.
The Beverly Hills-based Post and the unit of Maryland-based Walker & Dunlop purchased the Marquee Apartments, a two-story, rent-controlled complex at 12300 Sherman Way, the Commercial Observer reported. The seller was San Diego-based MG Properties.
The deal works out to $186,441 per unit.
Brokers Tim Leonhard and Jeremy Kanter of Berkadia arranged a $32.9 million acquisition loan from Fannie Mae, secured by the property. Berkadia’s Adrienne Barr and Nancy Badzey were the brokers for the property sale.
The gated Marquee Apartments, built on 4.5 acres in 1965, includes a 24-hour fitness center and pool. Rents range from $1,530 for a studio to $2,961 for a two-bedroom apartment, according to Apartments.com.
“The Marquee sale represents the only 120-plus-unit, rent-controlled apartment sale in the entire city of Los Angeles in the last year,” Barr said in a statement. “Working together with our mortgage banking partners, we were able to achieve something that no other broker has done in a tough market.”
North Hollywood in the San Fernando Valley has seen a spike in multifamily investments in recent months, according to the Observer.
Deals include GPI Companies purchase of the 292-unit Lofts at NoHo Commons in September for $92.5 million, or $316,781 per unit.
And Prime Residential purchased the 156-unit AVA North Hollywood this summer, which it bought at a $10 million discount from AvalonBay Communities for $62.1 million, or $398,077 per unit.
— Dana Bartholomew
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