IPA Closes $62M Sale of NoHo Apartments for AvalonBay – SEO Friendly

IPA Closes $62M Sale of NoHo Apartments for AvalonBay - SEO Friendly

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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