A North Hollywood apartment complex has sold for $643,000 per unit, a record price for the NoHo market, according to listing brokerage Marcus & Millichap.
Eleven312@NOHO, located at 11312 Huston St., closed escrow at $9 million. The building has 14 units, four of which are vacant. The seller was Ginger Investors LLC and the buyer was Homeland Holdings LLC.
The property generated multiple offers, said Rick Raymundo, senior managing director at Marcus & Millichap’s Los Angeles office, who sold the property.
“We were able to point to its NoHo Arts District location, coupled with its superb unit mix and opportunity for repositioning, to justify its value,” Raymundo said in a statement. “Because of the property’s features, the buyer is still positioned to achieve an attractive return once the income and expenses are stabilized.”