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Sunday, May 26, 2024

NoHo Apartment Building Sells for Nearly $5 Million

Irvine developer and real estate investor Bernal Capital Group has bought a North Hollywood apartment building for $4.9 million, according to the company. The 19-unit garden apartment building at 11040 Hesby Street in the NoHo Arts District has 10 one-bedroom, one-bath units, eight units with two bedrooms and two baths and one studio apartment. Average living space is about 767 square feet, according to Bernal. The seller was George Ellis of the George Ellis Trust, in Granada Hills, who bought the property in 2007 for $2.83 million, according to CoStar Group Inc. Financing for the current deal was provided by Nikols Mortgage Fund, also according to CoStar. Amenities include a gated entry and covered parking for 32 cars. The building was 100 percent occupied at the time of sale. Bernal’s founder and managing partner, Albert Bernal, said he expects the 30-year-old apartment building will be a solid investment and plans to fully renovate the units, install new windows, landscaping and refurbish the exterior. The company did not disclose a time frame or estimated cost. “The Hesby Street property is a very well-located asset in a rapidly growing market and is the perfect complement to our other apartment projects in the greater Los Angeles market,” Bernal said. The company focuses on distressed and under-performing residential and commercial properties in Southern California.

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