LOS ANGELES—San Diego-based MG Properties Group has purchased the Marquee Apartment Homes from Marquee Apartments LLC for $27.5 million, GlobeSt.com has learned exclusively. As part of the transaction, the buyer assumed the seller’s existing loan.
Located on 4.46 acres of land in North Hollywood, the property has 236 studio, one- and two-bedroom units has recently been renovated to give the community a resort-like feel. The seller upgraded the property’s interior units, added a fitness center and installed brand-new copper piping. The seller also completed a new construction and leasing center.
There is a growing demand for luxury apartment options in North Hollywood, and these new amenities and renovations offer an affordable option for luxury living. “The transaction demonstrates the strength of the local multifamily market and the healthy demand for renovated buildings that are well managed with strong cash flow,” says Adrienne Barr of Hendricks-Berkadia, who represented the buyer and the seller in the transaction along with fellow Hendricks-Berkadia broker Robin Ossenbeck.
The property is adjacent to North Hollywood’s Arts District, which is the most sought after neighborhood in the submarket. Currently there is only one new-construction development close to this area, Vineland Metro. The community opened in February and merges urban and suburban living styles with 27 for-sale townhomes and close proximity to public transportation, entertainment and restaurants.