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.