Berkadia Completes $44M Sale and Secures $32.9M Loan in North Hollywood, California
North Hollywood, California – December 3, 2024 – Berkadia announced today the sale and financing of Marquee, a 236-unit, garden-style multifamily property in North Hollywood, California. Senior Managing Director Adrienne Barr and Director of Transaction Services Nancy Badzey of Berkadia Los Angeles led the transaction. It was an off-market transaction.
Senior Managing Director Tim Leonhard and Associate Director Jeremy Kanter of Berkadia Dallas and New York, respectively, secured $32.9 million in acquisition financing on behalf of the buyer, Los Angeles-based Post Investment Group and Walker & Dunlop Investment Partners. The deal closed on November 26.
“The Marquee sale represents the only 120+ unit rent controlled apartment sale in the entire city of Los Angeles in the last year,” said Adrienne Barr. “Working together with our mortgage banking partners, we were able to achieve something that no other broker has done in a tough market.”
Located at 12300 Sherman Way, the property presented the buyer with the rare opportunity to purchase 236 apartment units on over 4.5 acres of land. Built in 1965 and subject to LA City Rent Control, the property features a swimming pool with sundeck, large on-site leasing center with spacious leasing offices, a 24-hour fitness center, and beautifully landscaped courtyards with tranquil fountains and walkways. The unit mix consisted of 194 studios (82%), 36 one bedrooms (15%), and 6 two bedrooms (3%).
The Marquee is just north of the NoHo Arts district, home to a plethora of dining and entertainment options. The property sits adjacent to the Valley Plaza Park with walking paths and a dog park, as well as the 170-freeway allowing for direct access to strong employers, including Warner Bros., CBS Studios, Medical, and the Hollywood Burbank Airport.
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