Sale price is among the highest paid per square foot in NoHo submarket since 2007
NORTH HOLLYWOOD, CA – May 25, 2011 – (RealEstateRama) –A 15-unit multifamily asset here was sold for $2,450,000, among the highest prices paid on a per square foot and on a gross rent multiplier basis in the North Hollywood submarket since 2007, according to Jeff McGuire, Senior Vice President, Special Assets and a Principal of Lee & Associates-LA North/Ventura, Inc, who represented the buyer and the seller in the transaction.
The property, at 5253-59 Cartwright Ave., attracted six bidders and sold in just five months to a local apartment building investor.
“This sale reflects not only the continuing interest in multifamily properties but also the growing expectation that rental rates will rise over the next two-to-three years,” said McGuire. “Why else would an asset with modest upside in current rental rates command nearly $175 per square foot?”
The property, built in 1987, features two-bedroom, two-bath and three-bedroom, two-bath units with secured access and parking. Units feature central air conditioning, balconies and dishwashers. It is located in the NoHo Arts District within minutes of the major entertainment studios and the Metro Red Line with access to Hollywood and Downtown Los Angeles.
About Lee & Associates – LA North/Ventura, Inc.
Celebrating more than 30 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 42 offices in California, Arizona, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, South Carolina, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research. Foun ded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800 or visit us online at www.lee-associates.com