JSM Plans 299 Apartments

A few months ago, JSM bought a 59,677-sf parcel at 11049 Magnolia Blvd. for $5.8 million, and most recently the developer closed escrow on $3.3 million of property at the southwest corner of McCormick Street and Blakeslee Avenue. JSM will be building a project called the Milano Apartments on the 59,677-sf site. The Milano, which will include 196 apartments and 10,000 sf of ground-floor commercial space, is planned to be completed in 2006. On the 33,000-sf site at the southwest corner of McCormick Street and Blakeslee Avenue, JSM will be building the Imperia Apartments, which will include 103 apartment units and 3,000 sf of ground-floor commercial space slated for completion in 2006.

North Hollywood was also the location of two apartment sales closed recently by Grubb & Ellis in which Brian Lim and Lonnie Riddle of the company's Anaheim office represented the seller, a private individual based in Encino. The first transaction involved a 21-unit complex located at 11847 Vanowen Ave., which was purchased for $1.6 million by a private investor in Sherman Oaks. The second transaction involved a 13-unit complex at 13219 Barbara Ann St. that sold for $1.14 million to a private investor in Encino.

Lim and Riddle also represented the same seller in a third San Fernando Valley transaction, in which a private investor from Canoga Park bought a seven-unit complex at 7001 Remmet Ave. for $630,000. The seller and the buyers in all three transactions were in 1031 exchanges. The first buyer was represented by ReMax, the second by Sperry Van Ness and the third by Re-Max in Action.