North Hollywood, Calif. – Rick Raymundo, Elliot Hassan, and Mike Hanassab of Marcus & Millichap Real Estate Investment Services facilitated the sale of an eight-unit apartment property in North Hollywood, Calif. The sales price of $890,000 represents a value of $111,250 per unit.
Raymundo, vice president of Investments in the Downtown Los Angeles office of Marcus & Millichap and a director of the firm’s National Multi-Housing Group, represented the seller, 6610 Whitsett LLC, along with Hassan and Hanassab.
“The success and speed of the closing of Whitsett is a testament to the surprising strength of the market for smaller apartments,” explains Raymundo. “While the velocity of the sales of larger apartment complexes have slowed in 2009 and late 2008, properties with 15 or fewer units have still transacted at a moderate pace. In fact, this segment of the market represents the majority of the recent transactions in Los Angeles County.”
Located at 6610 Whitsett Avenue, the eight-unit apartment complex includes about 6,450 square feet of rentable space on an 8,712 square foot lot. The property features three one-bedroom-one-bathroom units and five two-bedroom-one-bathroom units with 100 percent occupancy.