North Hollywood Apartments Sold for $45 Million

The Piedmont, a 198-unit age-restricted mixed-income apartment community in North Hollywood, was sold for $45 million in a transaction brokered by Northmarq’s Westlake Village and Los Angeles investment sales teams led by Jim Fisher, Steven Goldstein, Vince Norris, Mike Smith and Tommy Yates. The firm represented the seller, Meta Housing Corp., and the buyer in the transaction.

The property was sold as part of a larger three-property senior housing portfolio totaling 579 units across prime infill locations in the region. The portfolio also included Coventry Court in Tustin and Burbank Senior Artists’ Colony.

“The Piedmont Apartments offer essential active senior living options in the eastern San Fernando Valley,” said Jim Fisher, regional managing director of Northmarq, in a statement. “Developed by Meta Housing, this property exemplifies a deep understanding of the needs of the expanding active senior population.”

The Piedmont offers residents age 62 and older direct access to two large public parks, a local library, a recreation center with a pool, and several senior-focused services and clubs. It has 44 income-restricted apartments reserved for residents earning at or below 50% of the area median income, while the remaining 154 units lease at market rates.

A key component of the transaction was the assumption of more than $29 million in existing HUD-insured debt. The fixed-rate loan carries a 4.05% interest rate and a 35-year term, maturing in 2057.

Information for this article was sourced from Northmarq.