P
ost Investment Group and Walker & Dunlop Investment Partners have acquired the Marquee Apartments, a rent-controlled garden-style multifamily complex in North Hollywood. The $44 million deal works out to $186,441 per unit. The 236-unit property at 12300 Sherman Way was sold by MG Properties. A $32.9 million acquisition loan from Fannie Mae secured by the property was arranged by Berkadia's Tim Leonhard and Jeremy Kanter.
The gated Marquee Apartments, built on 4.5 acres in 1965, features a fitness center and pool. Rents range from $1,530 for a studio to $2,961 for a two-bedroom apartment. The sale represents the only rent-controlled apartment deal over 120 units in Los Angeles this year.
North Hollywood has seen increased multifamily investments recently, with deals including GPI Companies' purchase of the Lofts at NoHo Commons and Prime Residential's acquisition of AVA North Hollywood.
