Marcus & Millichap has completed the sale of a 41-unit multifamily property located at 13103 Barbara Ann St. in North Hollywood, concluding a long-term hold for the previous ownership. The asset traded for nearly $5.89 million, translating to $143,610 per unit, and the closing price reflected a 5.7% cap rate based on in-place income at the time of sale.
The property had been held by the same ownership group for more than three decades, according to Marcus & Millichap. This extended hold period created what the brokerage described as an uncommon chance for investors to acquire a multifamily asset of this scale in North Hollywood with substantial repositioning potential.
Rick Raymundo, executive managing director investments in Marcus & Millichap's Encino office, oversaw marketing of the asset. He represented the seller, identified as The Kwan Trust, and also sourced the buyer, a limited liability company based in the San Fernando Valley. The dual role underscores Marcus & Millichap's involvement on both sides of the transaction.
Raymundo noted that the sales process occurred as recent pricing volatility in the market had started to moderate. He observed that, under these conditions, buyers are demonstrating greater conviction when approaching properties that are competitively priced and when sellers signal a clear commitment to closing. This dynamic supported the execution of the transaction at the reported cap rate on current income.
The buyer plans to implement both common area and interior upgrades throughout the multifamily property. With the building coming out of more than 30 years of stable ownership, these improvements are expected to reposition the asset relative to its existing condition, though specific renovation scopes and timelines were not disclosed. No additional details were provided regarding the property's unit mix, square footage, or amenity package.
The sale of 13103 Barbara Ann St. adds a value-add oriented trade to the North Hollywood multifamily transaction roster, with local capital from the San Fernando Valley stepping in as the next owner. The deal illustrates how sellers with long-held assets and clear pricing expectations are engaging with buyers who are prepared to transact on existing income and invest additional capital into physical upgrades.
