Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently finalized the sale of AVA North Hollywood, a 156-unit multifamily property located in the NoHo Arts District of Los Angeles. The property also includes 11,000 square feet of ground-floor retail space. The transaction was valued at $62.1 million or $393,077 per unit.
The seller was represented by IPA’s Kevin Green, Joseph Grabiec and Gregory Harris while Prime Residential served as the buyer. According to Green: “We were able to attract significant interest by highlighting this investment opportunity in an emerging market with increasing demand and strong rent growth.” He further added that despite pre-COVID development in the submarket resulting in positive absorption but muted rent growth; it is now starting to thrive.
Grabiec stated that during the marketing process for this property they received over 20 offers which reflects investors’ confidence in not only a robust recovery but also a promising future for this market.
Built-in 2015, AVA North Hollywood is conveniently situated within walking distance from various entertainment options including nightlife and dining along Lankershim Boulevard.
