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2/05/15
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A private investor has acquired a portfolio of three multifamily assets totaling 85 units in Burbank, North Hollywood and Sun Valley for a total price of $13.4 mil, or around $158k/unit. The purchase was part of a long-term strategy by the buyer.
One of the properties was Strohm Apartments, a 34-unit asset at 5636 Strohm Ave in North Hollywood that went for $5.25 mil ($154.4k/unit). The property, built in 1990, includes 20 one-bedroom/one-bath apartments and 14 two-bedroom/two-bath apartments. It is located adjacent to Burbank between Cahuenga Blvd and North Hollywood Way.
A second purchase was Ratner Apartments, a 30-unit property at 10930 Ratner St in Sun Valley that sold for $4.55 mil ($151.7k/unit). It consists of 18 one-bedroom/one-bath apartments; eight two-bedroom/two-bath apartments and four three-bedroom/two-bath apartments. The property, built in 1994, sold for $4,550,000.
The third asset, Hollywood Way Apartments, located at 7601 N. Hollywood Way in Burbank, close to Bob Hope Airport, sold for $3.6 mil. It consists of 21 units ($171.4k/unit) with one single, four one-bedroom/one-bath units and 16 two-bedroom/one-bath units.
Warren Berzack, Stephen Geiger, Jim Fisher, and Mike Smith of Lee & Associates represented the buyer and sellers in the transaction. The buyer used the proceeds of two recent sales, also repped by Berzack, to increase and upgrade his portfolio. These included a 12-unit property at 7642 Vineland Ave in Sun Valley and a 23-unit multifamily asset at 6859 Laurel Canyon Blvd in North Hollywood which traded for a combined $4.7 mil.
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