San Fernando Valley Apartment Community Awaiting New Owner
- Jul 24, 2012
Marcus & Millichap/Institutional Property Advisors is currently marketing a North Hollywood multifamily property for approximately $30 million. The Marquee Apartments is a residential community in the eastern part of the San Fernando Valley community of North Hollywood, at 12300 Sherman Way. The team that is handling the fee-simple interest in the property includes Greg Harris, Kevin Green and Joseph Grabiec.
The listing price for the 236-unit asset is $29.995 million which breaks down into a per unit asking price of $127,000. The Marquee Apartments has gone through a number of renovations over the last three years, with a total of $4 million invested by the owner in the property. Developed in 1965, the community still has 74 units that will require renovation by the new owner. According to Marcus & Millichap/Institutional Property Advisors, the property offers upscale living in the emerging North Hollywood area, at considerably lower prices than the more publicized NoHo and Arts District.
The Marquee Apartments is organized into three two-story buildings with 194 studio units, 35 one-bedroom units and six two-bedroom units. The amenity package includes a swimming pool, a spa, fitness facilities, barbecue area and outdoor seating.
As previously stated, the per-unit asking price for this up-and-coming residential community is around $127,000. Marcus & Millichap estimates that, should the asking price be met, the transaction would exceed median per-unit values for the San Fernando Valley.
The median transaction price, as illustrated in the chart, stands in the mid $120k range, as projected for this year’s Q3. 2008’s high point saw prices overtake the $130,000 mark, while Q3 of 2009 dipped to the lowest median value in recent years, in the low $120k’s.
Photo courtesy of themarqueeapts.com
Chart courtesy of marcusmillichap.com