Marcus & Millichap’s Institutional Property Advisors Brokers $62 Million North Hollywood Multifamily Asset Sale
2024年6月5日 - 3:45AM
ビジネスワイヤ(英語)
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the sale of AVA North
Hollywood, a 156-unit multifamily property with 11,000 square feet
of ground floor retail in the NoHo Arts District of Los Angeles,
California. The $62.1 million sales price represents $393,077 per
unit.
“By highlighting the opportunity to invest in a market that is
in the early stages of benefiting from increasing demand and strong
rent growth, we attracted significant interest,” said Kevin Green,
IPA executive managing director investments. “After substantial
development in the submarket pre-COVID that was met with positive
absorption but muted rent growth, the area is starting to hit its
stride.” Green and IPA’s Joseph Grabiec and Gregory Harris
represented the seller, AvalonBay Communities Inc., and procured
the buyer, Prime Residential. “We garnered over 20 offers on the
property during the marketing process,” said Grabiec. “This strong
interest reflects the confidence investors have in a market that is
not only experiencing a robust recovery but also has a bright
future.”
Built in 2015, the property is within walking distance of
entertainment, nightlife, and dining along Lankershim Boulevard.
The North Hollywood metro rail and busway station is within a short
walk and the Hollywood Freeway, Ventura Freeway, U.S. 101, and
Interstate 5 are close by. Nearby entertainment industry employers
include Netflix, Walt Disney Studios, NBC Universal, Warner
Brothers Studios, CBS Studios, Paramount Pictures, Universal
Studios, DreamWorks Animation, ABC Studios and Nickelodeon Studios.
There are approximately 6,300 jobs within walking distance of the
property, 150,000 jobs within a 10-minute drive and 2.7 million
jobs within a 30-minute commute.
AVA North Hollywood’s common area amenities include a swimming
pool and spa, clubroom, sky deck, leasing office, movement studio,
cybercafé, and business center. The property’s ground floor retail
space is currently 100% occupied by four eateries, a Pilates
studio, and a massage and spa center. Most apartments have
nine-foot ceilings and loft-style units have 14-foot ceilings. All
units have full appliance packages, washers and dryers, and private
patio areas.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2023, the company had 1,783
investment sales and financing professionals in over 80 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information, please
visit www.MarcusMillichap.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240604015427/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
過去 株価チャート
から 8 2024 まで 9 2024
Marcus and Millichap (NYSE:MMI)
過去 株価チャート
から 9 2023 まで 9 2024