North Hollywood Apartment Complex Sold to Investment Group

Los Angeles-based Post Investment Group and Walker & Dunlop Investment Partners acquired Marquee, a 236-unit, garden-style apartment complex in North Hollywood for $44 million, or $186,000 per unit. The transaction was brokered by Adrienne Barr and Nancy Badzey of Berkadia Los Angeles. It was an off-market transaction.

“The Marquee sale represents the only 120+ unit rent controlled apartment sale in the entire city of Los Angeles in the last year,” said Barr, senior managing director at Berkadia, in a statement. “Working together with our mortgage banking partners, we were able to achieve something that no other broker has done in a tough market.”

Tim Leonhard and Jeremy Kanter of Berkadia Dallas and New York, respectively, secured financing of $32.9 million on behalf of the buyer.

Built in 1965 and subject to L.A. City rent control, property amenities include a swimming pool with sundeck, large on-site leasing center, a 24-hour fitness center, and landscaped courtyards. The unit mix consisted of 194 studios, 36 one bedrooms and 6 two bedrooms. It is located just north of the NoHo Arts District.