Prime Residential acquired AVA North Hollywood, a 156-unit multifamily property with 11,000 square feet of ground floor retail in the NoHo Arts District of Los Angeles. The $62.1 million sales price represents $393,077 per unit.
AvalonBay Communities was the seller. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction.
Built in 2015, the property is within walking distance of entertainment, nightlife and dining along Lankershim Boulevard. The North Hollywood metro rail and busway station is within a short walk and the Hollywood Freeway, Ventura Freeway, U.S. Route 101 and Interstate 5 are close. Nearby entertainment industry employers include Netflix, Walt Disney Studios, NBC Universal, Warner Brothers Studios, CBS Studios, Paramount Pictures, Universal Studios, DreamWorks Animation, ABC Studios and Nickelodeon Studios. There are approximately 6,300 jobs within walking distance of the property, 150,000 jobs within a 10-m
