A 21-unit North Hollywood apartment complex has sold for $1.95 million to a private investor, according to a brokerage firm involved in the deal.
The non-rent controlled apartment building at 6859 Laurel Canyon Blvd was built in 1984 and is about 95 percent occupied, said Principal Warren Berzack of Lee & Associates - LA North/Ventura Inc.
Berzack and his partner Senior Vice President Stephen Geiger represented the seller, a private investor. Senior Associate Joshua Luchs of Marcus & Millichap represented the buyer.
The buyer plans to improve the units with the hopes of raising the rent, which currently averages about $800 per month, Berzack said.