In a transaction that illustrates the strength of the residential market in and around the NoHoArts District, a 110-unit, multifamily portfolio in North Hollywood has changed hands for $49.5 million, or roughly $417,000 a unit. Four years ago, the same three-building property sold for closer to $12 million, or $108,600 a unit, according to real estate data provider CoStar Group Inc. R.W. Selby & Co. Inc. of Los Angeles was the buyer. Seller Pacific Urban Residential, of Palo Alto, purchased the complex in July 2011 from Torrance developer TA Patty Development Inc. HFF Managing Director Mark Petersen handled both sides of the transaction, which closed in 38 days with no financing, according to CoStar. The complex, known as the Magnolia Park Villas, comprises three buildings on West Magnolia Street between North Clybourn and Biloxi avenues, several blocks east of the arts district. The three-story luxury complex dates to 2008.
