North Hollywood Garden-Style Apartments Trade for $44M
The sale was the only 120-plus-unit, rent-controlled sale in Los Angeles over the past years, according to Berkadia
By Nick Trombola December 9, 2024 3:46 pm
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A rent-controlled apartment property in Los Angeles’ San Fernando Valley has a new pair of owners — and a chunk of new acquisition debt to boot.
A partnership between Beverly Hills-based Post Investment Group and Walker & Dunlop Investment Partners paid $44 million for the Marquee, a 236-unit, garden-style apartment complex at 12300 Sherman Way in North Hollywood. San Diego-based MG Properties sold the 4.5-acre property, records show.
Berkadia’s Adrienne Barr and Nancy Badzey brokered the sale, which closed Nov. 26.
Berkadia’s Tim Leonhard and Jeremy Kanter, meanwhile, arranged a $32.9 million acquisition loan tied to the property. Fannie Mae provided the debt, according to property records.
“The Marquee sale represents the only 120-plus-unit, rent-controlled apartment sale in the entire city of Los Angeles in the last year,” Barr said in a statement. “Working together with our mortgage banking partners, we were able to achieve something that no other broker has done in a tough market.”
Representatives for Post Investment Group, Walker & Dunlop and MG Properties did not immediately respond to requests for comment.
North Hollywood has seen a spike in investment activity in recent months, including GPI Companies’ $92.5 million September purchase of the Lofts at NoHo Commons, a 292-unit apartment building about four miles southeast of Marquee. Or there’s Prime Residential’s $62.1 million deal for the 156-unit AVA North Hollywood over the summer, which it bought at a $10 million discount from AvalonBay Communities.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
