AvalonBay has sold AVA North Hollywood, a 156-unit multifamily property with 11,000 square feet of ground floor retail in the NoHo Arts District of Los Angeles, for $62.1 million, or $393,077 per unit. The buyer was Prime Residential. Commercial Observer reports that records show AvalonBay acquired the asset for $72.1 million in September 2016.
Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. Kevin Green, IPA executive managing director investments said there was significant interest in the property. "We garnered over 20 offers on the property during the marketing process," according to IPA's Joseph Grabiec, who along with Green and Gregory Harris represented the seller and procured the buyer.
Built in 2015, AVA North Hollywood offers several amenities including a cybercafé and business center. The property's ground floor retail space is currently 100% occupied by four eateries, a Pilates studio, and a massage and spa center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Unlimited access to GlobeSt and other free ALM publications
- Access to 15 years of GlobeSt archives
- Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
- 1 free article* every 30 days across the ALM subscription network
- Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
