AVA-North-Hollywood-Los-Angeles-CA

AvalonBay Communities Divests of AVA North Hollywood Multifamily Property in Los Angeles for $62.1M

by Amy Works

LOS ANGELES — AvalonBay Communities has sold AVA North Hollywood, a multifamily community in the NoHo Arts District of Los Angeles. Prime Residential acquired the asset for $62.1 million, or $393,077 per unit.

Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

Built in 2015, AVA North Hollywood features 156 apartments with full appliance packages, washers/dryers and private patio areas. Most apartments have nine-foot ceilings and loft-style units have 14-foot ceilings.

Common-area amenities include a swimming pool and spa, clubroom, sky deck, leasing office, movement studio, cybercafé and business center. The property also offers 11,000 square feet of ground-floor retail space, which is fully occupied by four eateries, a Pilates studio and a massage and spa center.

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