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.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
