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7/16/12
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A Marcus & Millichap/Institutional Property Advisors team made up of Greg Harris, Kevin Green and Joseph Grabiec are marketing a fee-simple interest in The Marquee Apartments, a 236-unit asset in the eastern San Fernando Valley community of North Hollywood. The listing price is $29.995 mil, which works out to $127.1k per unit.
“A savvy investor has the opportunity to acquire a large, institutional-quality multifamily asset in North Hollywood, one of the most rapidly developing urban centers in the San Fernando Valley with a growing population of well-educated young professionals,” says Harris. “The asset offers luxury living at a discount of approximately 25 percent to new construction projects in the NoHo Arts District. We are projecting a five-year leveraged return of more than 17 percent, further boosting the appeal of this investment property,” adds Green.
“There are 74 unfinished units, and once the new owner renovates them, the property’s value will increase through additional rental upside,” notes Harris. In the past three years, the seller has spent more than $4 mil on renovations to the asset, which was originally developed in 1965.
Located at 12300 Sherman Way, the 294.9k sf property includes three two-story buildings. The unit mix is 194 studios, 35 one-bedroom/one-bath units and six two-bedroom/two-bath units. Amenities at The Marquee Apartments include a swimming pool and spa, fitness center, barbecue area with gas grills and outdoor seating, as well as courtyards.
Situated just two miles from the vibrant NoHo Arts District, The Marquee is near to a wealth of cultural activities including dozens of theatres, boutiques, and restaurants. Additionally, beyond providing its residents with easy commutes to hundreds of thousands of jobs in nearby employment hubs, The Marquee is near North Hollywood’s growing business district.
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