A private investor has acquired a 42-unit apartment building in North Hollywood for $21.3 million, or $506,000 per unit.
The Park Village Apartment Homes, built in 1964 and located at 5327 N. Hermitage Ave., was fully leased at sale time. The site, with 57,198 square feet, features bicycle storage, a tenant fitness center and a parking garage.
Janette Monfared and Jeff Louks of Marcus & Millichap represented the seller, DNN Capital. Hovik Avanessian of Re/Max Optima represented the undisclosed buyer.
Comparable sales in the submarket include Monte Vista Apartment Homes with 124 units at 11777 Foothill Blvd. in Sylmar, which sold in February for $34.6 million, or $278,269 per unit; and the 42-unit 7350 Hazeltine Ave. in Van Nuys, which sold last August for $8 million, or $182,250 per unit.