Northmarq announces sale of North Hollywood multifamily property for $1.22 million

LOS ANGELES (Aug. 23, 2023) — Mike Hanassab, senior vice president and Elliot Hassan, senior vice president, in Northmarq’s Los Angeles Investment Sales office arranged the $1.22 million sale of a seven-unit apartment building located at 5851 Whitnall Hwy in North Hollywood, California. Northmarq represented the seller, a San Fernando Valley-based private investor. KW Commercial represented the buyer, a private investor based in Los Angeles.

“This was a complex sale,” said Hanassab. “The combination of deferred maintenance, earthquake retrofit, long-term tenants with rents well-below market and an interest rate environment that was changing on a weekly basis made it very challenging to find the right buyer.”

The two-story multifamily property is situated in the convenient neighborhood of North Hollywood, popular among artists, writers, filmmakers, and actors who seek easy access to Hollywood and a more suburban environment. Residents enjoy affordable one- and two-bedroom apartment homes and walking distance to the robust local food and bar scene.