North Hills Apartment Building Sells for $4.9 Million

A North Hills multifamily property has sold for nearly $4.9 million, or $318 per square foot, according to a statement by Calabasas-headquartered brokerage Marcus & Millichap Inc. The 19-unit multifamily complex at 15216 Nordhoff St., was built in 1985 and does not need to comply with Los Angeles rent control regulations. Senior Managing Director of Investments Rick Raymundo, in Marcus & Millichap’s Los Angeles office, and Senior Vice President of Investments Robert Narchi, out of the firm’s West Los Angeles office, represented the seller, 14612 Wyandotte, LLC. “The previous owner had completed a rather extensive renovation program throughout the building,” Raymundo said in a statement. “That allowed us the chance to attract buyers willing to offer a more aggressive price per unit and price per square foot because the existing rents provided a generous return.”